Norske Skog finally gets a new owner

After years of debt crisis, bankruptcy and a four-month-long bidding process, a London-based hedge fund has finally emerged as the new owner of the Oslo-based forest products firm Norske Skog. The hedge fund Oceanwood promises to protect and nurture the company’s profitable operations, while an unsuccessful Norwegian bidder was wishing them good luck. Sven Ombudstvedt, […]

Norske Skog waits for new owner

The ongoing rescue process for Norwegian forest products firm Norske Skog has been characterized by “aggressive” and “extremely cynical” creditors. CEO Lars Sperre talked about the fight to save the company at a recent business conference in Oslo. “Our capital structure was complex and had some of the most aggressive professional investors that can be found,” […]

Price hike delays Norske Skog sale

A rise in the price of newsprint seems to have delayed the anxiously awaited sale of Norwegian forest products company Norske Skog. Newsprint is one of the company’s major products, and higher prices for it may be affecting the firm’s valuation. Newspaper Dagens Næringsliv (DN) reported on Friday that newsprint prices have risen as much […]

Industrialist bids for Norske Skog

UPDATED: Jens Ulltveit-Moe, one of Norway’s most well-known investors who’s lately become a climate activist, has emerged as among the bidders for Norwegian forestry firm and paper producer Norske Skog. While another major Norwegian industrialist ended up dropping out of the bidding process this week, Ulltveit-Moe sees a future for Norske Skog as a bio-energy […]

As many as 10 bidders for Norske Skog

Media buzz around Oslo-based forestry firm Norske Skog has tapered off in recent weeks, but now comes news that between five and 10 “serious” bidders have emerged for its plants and operations. Chief executive Lars Sperre expects a new owner to be announced by the end of the month. Newspaper Dagens Næringsliv (DN) reported Thursday […]

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 […]