Norske Skog is pleased to announce that secured bond holders holding 65 % of the aggregate principal amount of the secured notes due in 2019 (the "Secured AHC") have confirmed their support for the board's proposal launched on 18 September. Norske Skog is currently working to gain support from the other secured and unsecured bondholders. "We are very pleased to have obtained support from the majority of the secured bond holders, and we are currently in dialogue with the group's other secured and unsecured bond holders. The board's proposal is the best solution given the circumstances, and should provide a better return for stakeholder groups than the alternative. The alternative will trigger a complex insolvency process, which will result in Norske Skog being 100% owned by the secured bond holders." said Mr. Christen Sveaas, Chairman of Norske Skogindustrier ASA. Norske Skog will also enter into joint contingency planning with the Secured AHC to prepare for a potential insolvency process and share pledge enforcement on Norske Skog AS level if the board's proposal does not obtain sufficient levels of support from other creditors. Even without sufficient approval level, normal operations at all Norske Skog's mills will continue, and the value of Norske Skog and the interests of employees, customers, suppliers and local communities will be protected "The value of Norske Skog is the operating business units, which include seven profitable paper mills. These operations will continue as normal independent of the outcome of the recapitalization proposal. The secured bond holders are large professional investors with capital and ability to operate Norske Skog along with the employees," said Mr. Lars P. S. Sperre President and CEO of Norske Skog. Click Read More below for additional detail.
Pulp & Paper Canada is pleased to announce the winners of the 2018 Safest Mill in Canada contest.
Since 1926, Pulp & Paper Canada has recognized mills that have achieved an outstanding safety record.
As always, the mill with the lowest total recordable incident rate (mill frequency) in each category is the winner of that class for the year and receives a plaque and certificate. In the event of ties, the mills are ranked by the most to least total worker hours.
Congratulations to our category winners below, and to all of our participating mills on their excellent safety records in 2018. May 2019 be your safest yet!
Category A (Over 80,000 worker hours per month)
Domtar Inc., Windsor, Que. Total recordable incidents: 2 Total hours worked: 1,578,112 Mill frequency: 0.25
Category B (50,000 to 80,000 worker hours per month)
Resolute Forest Products, Thunder Bay, Ont. Total recordable incidents: 1 Total hours worked: 907,476 Mill frequency: 0.22
Category C (Less than 50,000 worker hours per month)
Resolute Forest Products, Saint-Félicien, Que. Total recordable incidents: 0 Total hours worked: 493,197 Mill frequency: 0.00
We asked some of our participating mills what safety means to their organizations. For Canadian Kraft Paper, safety “is in everything we do.”
Kruger Products CEO Dino Bianco said, “Working toward a common goal all together. Whatever your role, when it comes to safety, you cannot stand on the sidelines.”
And for Cascades, safety means “Always placing people first while striving towards the achievement of zero harm.”
more at: https://www.pulpandpapercanada.com/news/winners-of-2018-safest-mill-in-canada-contest-announced-1100001664