Norske Skog jumps on new rescue plan

Investors seemed to like a “last chance” rescue plan for Norske Skog that was presented by its board of directors Wednesday afternoon. After numerous postponements, announcement of the new plan sent shares in the debt-plagued forestry firm up 25 percent. Newspaper Dagens Næringsliv (DN) reported that the board’s new proposal for recapitalizing Norske Skog  is […]

Norske Skog rescue plan wins some nods

Norwegian investor Christen Sveaas seemed to be getting a good reception for a rescue plan he and the board of Norske Skog presented for the troubled forest products company on Monday. His potential replacement as board leader, Sven Ombudstvedt, was positive. “In this proposal we have a little something for everyone,” Sveaas said when presenting […]

Lenders take control over Norske Skog

UPDATED: One of the most important groups of creditors at debt-laden forestry firm Norske Skog has seized control of the company’s production plants. They’ve also cleared the way for the return of former Norske Skog boss, Sven Ombudstvedt, and caught the company’s widely viewed saviour, Christen Sveaas, by surprise. Sveaas and the company’s newly elected board of […]

Norske Skog finally secures temporary refinancing

Debt-laden Norske Skog announced Monday it had secured a loan agreement from some of its own creditors for EUR 16 million that will allow it to keep its profitable operations going while it goes through a major recapitalization. At the same time, however, the forest products company warned that profits would be lower than expected. […]

Sveaas new chairman of Norske Skog

Shareholders of embattled Norwegian forestry firm Norske Skog voted as expected on Thursday to elect investor and forest owner Christen Sveaas as their new chairman of the board. The extraordinary shareholders meeting was, however, not presented with a new restructuring plan, after negotiations with creditors were postponed once again. Norske Skog is burdened by huge debts stemming from […]

Norske Skog wins another reprieve

“Considerable progress” in its debt negotiations with creditors has helped troubled Norwegian forestry firm Norske Skog gain more time in its battle to avoid bankruptcy. The deadline for the negotiations, set for Friday, has been extended until Wednesday as prospects for refinancing and recapitalization rose. Newspaper Dagens Næringsliv (DN) reported Monday that Norske Skog now expects to […]

Rescue hopes rise for Norske Skog

As major Norwegian forest products firm Norske Skog faced a deadline Friday for its debt negotiations, optimism was rising at home in Norway. Investor Christen Sveaas’ takeover of the company’s largest bloc of shares, its price rise on the Oslo Stock Exchange and new support from forest owners raised hopes the company would avoid bankruptcy, while some […]

Norske Skog soars on Sveaas’ stake

Norwegian investor Christen Sveaas has emerged as a would-be saviour for long-ailing forestry firm Norske Skog. His purchase of a major block of stock in the firm that’s profitable but drowning in debt came as a surprise to the company’s new CEO, Lars Sperre, and sent the company’s share price soaring. “I think it’s nice […]

Ailing Norske Skog strives to survive

NEWS ANALYSIS: Forest products firm Norske Skog was once one of Norway’s top industrial companies, founded by forest owners in 1962 and still one of the world’s largest producers of paper for publications. Now it’s struggling to ward off bankruptcy after an international expansion program left it saddled with debt, while new technology has cut demand for its products. […]

Forestry firm’s fate may lie with state

Shares in crisis-ridden forestry firm Norske Skog rebounded this week after Prime Minister Erna Solberg wouldn’t rule out contributing to a rescue plan for the last major receiver of timber in Norway. While some wealthy forest owners and investors seem to welcome state assistance, others warn against it. The fate of Norske Skog is likely to set […]