Norske Skog has over the last few days made meaningful progress with the holders of the EUR 100 million NSF facility and the majority holder of the 2115 Perpetual Notes towards find a mutual acceptable solution where these financial instruments are included in the consensual recapitalization of the Norske Skog group. If a solution is achieved, Norske Skog will have received indicative support from the requisite majority of all relevant financial instruments in the Norske Skog capital structure. Due to the need to include a solution for the NSF facility and the Perpetual Notes in the overall recapitalization proposal, a new consent solicitation to the secured and unsecured noteholders will need to be launched. It is not anticipated that the updated consent solicitation will include any material changes to the terms set out in the current consent solicitation statement. As a new consent solicitation will have to be launched, the current consent solicitation will not be extended and will therefore expire on 3 November 2017 at 17:00 CET. Click Read More below for additional information.
WestRock Company (NYSE: WRK) today announced the filing of the initial Form 10 registration statement for Ingevity Corporation with the U.S. Securities and Exchange Commission (“SEC”). Ingevity, the specialty chemicals business of WestRock, will become a new independent public company following the successful completion of its separation from WestRock. Ingevity is expected to trade on the New York Stock Exchange under the symbol of “NGVT.” Upon completion of the spinoff of Ingevity, which is expected to occur in the first calendar quarter of 2016, WestRock shareholders as of the record date for the separation will own 100 percent of the new company.
“Today’s filing continues the progress we are making to separate the specialty chemicals business from WestRock,” said Steve Voorhees, chief executive officer, WestRock Company. “The separation of Ingevity from WestRock will better position both businesses to pursue their respective operating priorities and strategies, and to focus on their unique opportunities for long-term growth and profitability.”
“I am extremely proud of the tremendous effort the Ingevity team has made to prepare for the separation, while also remaining focused on operating safely, meeting customers’ expectations and delivering on our financial commitments,” said Michael Wilson, the chief executive officer of Ingevity. “As a result, we believe we are well positioned to become a successful independent public company.”
Ingevity is a leading global manufacturer of specialty chemicals and high performance carbon materials. The company’s specialty chemicals products serve as critical inputs used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants and publication inks. The company is also the leading global manufacturer of activated carbon used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats, with over 750 million units installed globally.