All the major shareholder groups of Norske Skogindustrier ASA have indicated their strong support for the consensual recapitalization solution between the Unsecured Committee and the Senior Secured Noteholder Committee reached yesterday. Among the 20 largest shareholders, who control about 38 % of the total number of shares in Norske Skogindustrier ASA, there are already over 75 % support for the recapitalization proposal. At the last general meetings, there have been about 35 - 40 % attendance from the shareholders, where the largest shareholders would constitute more than 90 % of the votes. The transaction will need the support of existing shareholders of Norske Skogindustrier ASA, with a 2/3 majority in an extraordinary general meeting. Among the 20 largest shareholders, there are some nominee accounts, where the shareholder is not known to the public or the company. Such nominee accounts represent almost 20 % of the total number of shares controlled by the 20 largest shareholders, and their vote is therefore unknown to the company. "We are pleased to see that all known major shareholders will support the recapitalization transaction. As repeatedly stated, all alternatives to a consensual solution will entail significantly less value for all parties and rather complicated insolvency processes. If the proposal is successful, the transaction will reduce the group's gross debt from approximately NOK 9 billion to approximately NOK 3 billion and reduce annual cash interest costs from approximately NOK 600 to 200 million", says Mr. Christen Sveaas, chairman and the largest shareholder of Norske Skogindustrier ASA. Click Read More below for additional information.
Effective with all new and existing orders with confirmed delivery dates of April 22, 2018 or later, Verso Corporation is increasing the transaction price of all Supercalendered grades, including but not limited to: Voyager® web; Superior Gloss® web. The increase applies to all basis weights, bulks, finishes and related private label grades.