PG Paper in Kilmacolm near Glasgow acquired Trucard and associated brands, together with the Gemini range, “for a substantial sum” on Friday. A PG Paper spokesman said the company owners – husband and wife team Puneet and Poonam Gupta - planned to manufacture the paper products. “They will be tendering globally to see what kind of response they get,” he said. A statement released by the Guptas said both brands were “incredibly reputable and well-respected in the premium packaging board industry”.
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.