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Norske Skogindustrier ASA (NSG.OL)

NSG.OL on Oslo Stock Exchange

0.51NOK
24 Jul 2017
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Latest Key Developments (Source: Significant Developments)

Norske Skogindustrier to use 30-day interest payment grace periods on senior notes
Wednesday, 28 Jun 2017 02:00am EDT 

June 28 (Reuters) - NORSKE SKOGINDUSTRIER ASA :BOARD OF NORSKE SKOGINDUSTRIER ASA HAS DECIDED TO USE 30-DAY INTEREST PAYMENT GRACE PERIODS ON ITS EXISTING SENIOR NOTES DUE IN 2026 AND NORWEGIAN SECURITIZATION FACILITY DUE IN 2020.THEREBY POSTPONING INTEREST PAYMENTS OF ABOUT EUR 5 MILLION, TO SUPPORT OPERATING BUSINESS.NORSKE SKOG WILL USE 30-DAY GRACE PERIODS TO CONTINUE CONSTRUCTIVE DISCUSSIONS WITH ALL STAKEHOLDERS REGARDING ITS ONGOING EFFORT TO ACHIEVE A CONSENSUAL RECAPITALIZATION TRANSACTION FOR NORSKE SKOG GROUP.  Full Article

Norske Skogindustrier updates on recapitalization process​
Wednesday, 14 Jun 2017 02:02am EDT 

June 14 (Reuters) - NORSKE SKOGINDUSTRIER ASA ::‍NORSKE SKOG HAS RECEIVED SIGNIFICANT ENGAGEMENT FROM DEBTHOLDERS, AND CONTINUED SUPPORT FOR TRANSACTION STRUCTURE​.‍EXCHANGE OFFER HAS NOT YET ACHIEVED ADEQUATE LEVEL OF ACCEPTANCE​.‍BOARD HAS THUS DECIDED TO AMEND CERTAIN TERMS OF EXCHANGE OFFERS AND EXTEND TIMELINE TO ALLOW FOR PRUDENT DILIGENCE AND ON-GOING CONSTRUCTIVE DISCUSSION BETWEEN STAKEHOLDERS​.‍BOARD HAS ALSO DECIDED TO USE 30-DAY INTEREST PAYMENT GRACE PERIOD ON EXISTING 2019 SENIOR SECURED NOTES (SSN) TO SUPPORT OPERATING BUSINESS​.‍WILL USE 30-DAY SSN INTEREST PAYMENT GRACE PERIOD TO CONTINUE CONSTRUCTIVE DISCUSSIONS WITH ALL STAKEHOLDERS REGARDING ITS ONGOING EFFORT TO ACHIEVE CONSENSUAL RECAPITALIZATION TRANSACTION​.‍WILL CONTINUE TO FOLLOW AND EVALUATE SITUATION THOROUGHLY BEFORE END OF GRACE PERIOD​.‍FINAL ACCEPTANCE AND CONSENT DEADLINE HAS BEEN EXTENDED TO 12 JULY 2017​.  Full Article

Norske Skogindustrier to reduce debt level, interest costs
Monday, 5 Jun 2017 02:46am EDT 

June 5(Reuters) - NORSKE SKOGINDUSTRIER ASA ::SAID ON FRIDAY LAUNCHES A RECAPITALIZATION TRANSACTION THAT WILL SIGNIFICANTLY REDUCE THE GROUP'S DEBT LEVEL AND INTEREST COST, INCREASE THE EQUITY VALUE, AND POSITION THE COMPANY TO DELIVER ON ITS FUTURE GROWTH STRATEGY.A SUCCESSFUL TRANSACTION WILL PRO FORMA REDUCE THE TOTAL DEBT INCLUSIVE PERPETUAL NOTES FROM 8.7 BILLION NORWEGIAN CROWNS TO AROUND 4.2 BILLION CROWNS AND IMPROVE THE GROUP'S BOOK EQUITY TO APPROXIMATELY NOK 3.5 BILLION..EXISTING SHAREHOLDERS WILL HOLD 10% OF THE NEW BOOK EQUITY FOLLOWING THE TRANSACTION.THE PROPOSAL WILL REDUCE ANNUAL INTEREST COST WITH APPROXIMATELY 300 MILLION CROWNS.  Full Article

BRIEF-Norske Skog's CEO resigns just 2 days after board said he would stay
Monday, 8 May 2017 12:00am EDT 

Repeats from Sunday:Sven Ombudstvedt has notified the board of directors that he resigns as President and CEO of Norske Skogindustrier ASA.The board of directors has relieved Ombudstvedt from his duties, and the resignation will therefore take effect immediately.On May 5, the board had said Ombudstvedt would stay in his job nObigdC8Ka.Ombudstvedt will receive the ordinary remuneration for his position in the notice period of six months.The board of directors has unanimously appointed Lars P. S. Sperre as interim President and CEO with immediate effect.Sperre has been employed by Norske Skogindustrier ASA since 2006 and been member of the corporate management team since 2014.Prior to this appointment, Sperre acted as Senior Vice President Corporate Strategy & Legal.Sperre "knows the industry well and has been highly involved in the group's restructuring and financing processes during recent years, in addition to being instrumental in the development of the current strategy".Sperre: "Norske Skog has many skilled employees with high competences and drive. I am certain that we together will solve the challenges and bring the potential of the group to fruition. Norske Skog's operations and cash flow are good, the debt level is, however, too high and too much cash flow is consumed by interest payments instead of being reinvested in the group".  Full Article

Norske Skog's CEO sold all his shares in the company
Thursday, 27 Apr 2017 12:28am EDT 

April 27 (Reuters) - Norske Skog :CEO and President of Norske Skog Sven Ombudstvedt late on Wednesday sold 2,415,349 shares in Norske Skog at a price of NOK 1.6457 each, of which 1,200,000 shares were held through Elle Holding AS.New holding is 0 shares.  Full Article

Norske Skogindustrier Q1 EBITDA down at NOK 158 million
Wednesday, 26 Apr 2017 01:00am EDT 

April 26 (Reuters) - NORSKE SKOGINDUSTRIER ASA ::STABLE IN EUROPE\, WEAK IN AUSTRALASIA.Q1 EBITDA NOK 158 MILLION VERSUS NOK 242 MILLION YEAR AGO.Q1 OPERATING REVENUE NOK 2.69 BILLION VERSUS NOK 2.98 BILLION YEAR AGO.GROUP SALES VOLUMES ARE EXPECTED TO BE ON LEVEL WITH LAST YEAR IN 2017.  Full Article

Norske Skogindustrier: NOK 15.7 mln over four years from Research Council of Norway
Monday, 3 Apr 2017 08:00am EDT 

NORSKE SKOGINDUSTRIER ASA : HAS BEEN GRANTED NOK 15.7 MILLION OVER FOUR YEARS FROM RESEARCH COUNCIL OF NORWAY TO FURTHER DEVELOP PRODUCTION OF BIOGAS FUEL AT NORSKE SKOG SAUGBRUGS IN HALDEN. .PROJECT, CALLED "PYRO GAS", HAS A TOTAL BUDGET OF NOK 31.5 MILLION..  Full Article

Norske Skog: price increase for all exports from Australia and New Zealand to Asian markets
Tuesday, 14 Mar 2017 05:00am EDT 

Norske Skogindustrier ASA : Announces a price increase for all exports from Australia and New Zealand to Asian Markets .Price increase will be in range of 5-10 pct, depending on underlying cost increase applying to relevant market and customer, and will take effect from April 1, 2017.  Full Article

Norske Skogindustrier Q4 EBITDA down at NOK 221 million
Wednesday, 8 Feb 2017 01:00am EST 

Norske Skogindustrier ASA : Q4 operating revenue 3.06 billion Norwegian crowns ($370 million) versus 3.09 billion crowns year ago . Q4 EBITDA 221 million crowns versus 260 million crowns year ago . Group sales volumes will be on level with last year in 2017 .Group is targeting 25 pct of GOE to be generated from new businesses by 2020.  Full Article

Norske Skog warns Q4 gross operating earnings weaker than Q3
Wednesday, 1 Feb 2017 01:44pm EST 

Norske Skogindustrier Asa : Says despite initiatives last year which significantly reduced the group's net debt, the company continues to consider alternatives to further optimize capital structure and strengthen its financial position . In this regard, the company has discussed various financing and recapitalisation alternatives with a selected group of investors .In the discussions, which have now been terminated, the company communicated that the fourth quarter 2016 gross operating earnings (GOE) would be slightly weaker than the third quarter 2016 GOE, reflecting input cost inflation and GBP depreciation despite fourth quarter revenues being above NOK 3 billion ($364.70 million).  Full Article