Norske Skog has decided to extend the consent solicitation deadline for the ongoing recapitalization proposal from 29 September until Tuesday 3 October at 17:00 CET. The consent solicitation deadline has been extended from Friday 29 September until Tuesday 3 October 2017 at 17:00 CET. Norske Skog will use the period prior to the new expiration deadline to continue discussions with various stakeholder groups to try to achieve sufficient support for a consensual recapitalization solution for the Norske Skog group. The Board of Directors will continue to follow and evaluate the situation thoroughly during this period. - The recapitalization process is challenging, as we knew it would be, but we want to allow time to finalize our discussions with the various stakeholders. We believe that the extension of the consent deadline will improve the chances of reaching a solution, especially after the last day's actions from different stakeholders. As we have previously made clear, the board of Norske Skogindustrier ASA firmly believes that only less beneficial alternatives to a consensual solution exist. Norske Skog has 7 profitable business units that will continue normal operations regardless of the outcome of the consent solicitation process," said Mr. Christen Sveaas, Chairman of Norske Skogindustrier ASA.
Commenting on the group’s results, Sappi Chief Executive Officer, Steve Binnie, said: “I am very pleased with Sappi’s strong recovery and our return to profitability for the year. I wish to recognise the dedication and resilience of the Sappi team in turning a loss of US$135 million in 2020 into a profit of US$13 million for 2021, with EBITDA increasing by 40% over the prior year. The team overcame significant challenges posed by COVID-19. The cooperation, crossregional support and continued focus on our Thrive25 strategy were exemplary.
“Highlights for the year included the recovery in the profitability of the dissolving pulp (DP) segment driven by buoyant demand and significantly better market prices as well as the North American region delivering its highest financial year EBITDA in over a decade. Our strategy of making investments in packaging and speciality papers reaped the rewards as the segment achieved record profitability and sales volumes increased by 21%.”
Financial summary for the quarter and full year
• EBITDA excluding special items
o For the quarter US$177 million (Q4 FY20 US$82 million)
o For the year US$532 million (FY20 US$378 million)
• Profit for the period
o For the quarter US$35 million (Q4 FY20 loss of US$88 million)
o For the year US$13 million (FY20 loss of US$135 million)