Pursuant to the recommendation from the election and remuneration committee of Norske Skog announced earlier today, several changes in board of directors were proposed to the extraordinary general meeting to be held tomorrow, 24 August 2017. On this basis, the planned public launch of a revised recapitalization transaction will be postponed in order to provide the new board with an opportunity to review the recapitalization transaction and allow for discussions with relevant stakeholders prior to a public launch. In the interim, the work with finalizing the documentation for the committed EUR 16 million liquidity facility continues. As previously announced, a significant majority of senior secured bond holders (SSN) (EUR 290 mill, due in 2019) and the holders of the Norwegian Securitisation Facility (NSF) (EUR 100 mill, due in 2020) have committed to provide a EUR 16 million liquidity facility to support the operating business of Norske Skog. The work with finalizing the documentation for this liquidity facility is being progressed in an expedite manner. Click Read More below for additional detail.
Stora Enso has appointed Annica Bresky as Executive Vice President, Consumer Board division and member of the Group Leadership Team. Annica Bresky is currently the President and CEO of Iggesund Paperboard AB, part of the Swedish Holmen Group. Previously she has worked as Mill Director at BillerudKorsnäs AB. She has also worked at Stora Enso’s Kvarnsveden Mill in 2001‒2010 holding engineering and superintendent positions.
Annica Bresky holds a M.Sc degree in engineering from Uppsala University and an Executive MBA from M-gruppen. She will join Stora Enso at the latest by 1 May 2017 and be based in Stockholm. Stora Enso’s CEO Karl-Henrik Sundström will act as head of the Consumer Board division until Annica Bresky starts.
“Annica Bresky is a perfect match for our opportunities in the Consumer Board division. Her extensive experience both in production and leadership positions forms a solid background for her to take one of our growth businesses into the future. Annica has worked several years for Stora Enso in the past, so I’d like to welcome her back,” says Stora Enso’s CEO Karl-Henrik Sundström.
Stora Enso’s previous head of Consumer Board division, Jari Latvanen, has started as CEO of HKScan, as announced in May 2016.