Norske Skog files for bankruptcy

The board of the parent company for Norway’s long-troubled forestry firm Norske Skog finally bowed to the chopping block on Tuesday. Their decision to declare Norske Skogindustrier AS insolvent and file for bankruptcy in an Oslo court is a “great disappointment,” not least for would-be saviour Christen Sveaas, but he and others stressed that operations […]

More surprises in Norske Skog saga

The ongoing saga of debt-laden forest products company Norske Skog took a new turn on Thursday, after an investment arm of Norwegian industrial firm Aker teamed up with hedge fund Oceanwood Capital Management to bid for Norske Skog’s paper plants, which still have profitable operations. Norske Skog’s board responded Thursday afternoon, as the company’s shares […]

More drama grips Norske Skog

Norwegian forest products company Norske Skog isn’t out of the woods yet, despite what it calls “strong support” for what’s been billed as its “last” recapitalization plan. One of the debt-laden paper producer’s largest creditors has suddenly taken a different path, after initially agreeing to support the recapitalization, and that’s raised the prospect of bankruptcy […]

Norske Skog seeks state support

Debt-burdened Norwegian forestry firm Norske Skog is on the verge of avoiding bankruptcy, but still hopes to receive some state support in the form of tax relief and changes in some other regulations. Norske Skog’s chairman Christen Sveaas, viewed as the company’s saviour, reportedly has “reminded” the government’s minister for business and trade about its […]

Creditors unite to save Norske Skog

Norway’s debt-plagued but profitable paper producer Norske Skog was saved from a bankruptcy filing this week, after various groups of creditors finally agreed on a rescue plan. Secured and unsecured creditors have joined shareholders on a “consensual solution” to recapitalize and refinance the company, and bring an end to years of uncertainty. Newspaper Dagens Næringsliv […]

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 […]