Working with Delaware Prosperity Partnership, Solenis announced its plans to increase capacity and jobs in Delaware today at the meeting of the Council on Development Finance. The plan presented by Solenis Senior Vice President and Chief Financial Officer, Philip M. Patterson, Jr. includes capital improvements; adding 92 new jobs over three years as well as retaining 323 current jobs in Delaware. The requests for performance-based grants includes capital expenditures in the amount of $763,050; a $1,980,000 grant for the retention of 323 jobs and a performance grant in the amount of $1,170,000 to create 92 new jobs within three-years. “Solenis, a global leader in specialty chemicals, plays an important role in Delaware’s economy and our rich history of innovation,” said Governor John Carney. Click Read More below for additional information.
Norske Skog has extended the deadline for the current exchange offers and consent solicitations to 23 August 2017. The existing short-term standstill agreements has also been extended to 23 August 2017, to allow for additional time to conclude the ongoing stakeholder discussions and finalisation of applicable documentation.
The group has received a commitment letter for a EUR 16 million liquidity facility from the majority holders of the SSN (EUR 290m, 2019) bond and the NSF (EUR 100m, 2020) loan. Norske Skog plans to launch a revised recapitalization proposal with support from the majority holders of the SSN bond and the NSF loan early next week. The liquidity facility will allow Norske Skog to meet its operational cash flow needs.
“We are very pleased that key stakeholders are supporting the business operations of the group through a committed liquidity facility. Our paper mills are highly competitive businesses with a prosperous future irrespective of the final solution to the group’s capital structure.” said Lars P.S. Sperre, President and CEO of Norske Skog.
Both the exchange offers and consent solicitations, and the existing short-term standstill agreements, which provide forbearance due to the non-payment of June SSN and NSF coupons, were otherwise due to expire on 18 August 2017.
Norske Skog has received a well-developed recapitalization proposal from the majority holders of the SSN bond and the NSF loan, which was detailed in the 28 July 2017 stock exchange release. It is envisaged that a revised consent solicitation based on the terms of that proposal will be launched early next week.