Fortress Paper Ltd. recently announced that its wholly owned subsidiary, Dresden Papier GmbH, has entered into a new EUR25 million credit facility with Commerzbank. The new
facility expires on June 30, 2017 and will be primarily used to repay the balance of an existing loan agreement between Dresden and GE Capital Bank AG of EUR22.15 million that was used to finance the rebuild of paper machine no.1 at the Landqart Mill.
Chadwick Wasilenkoff, Chief Executive Officer of Fortress Paper, commented: "The terms of the new facility are more competitive than our prior loan agreement, and provides enhanced financial flexibility at a lower overall cost to our business."
Fortress Paper also announces that Alfonso Ciotola has resigned as President of the Company and Mr. Wasilenkoff has consolidated such position with his role as Chief Executive Officer.
Mr. Ciotola will remain with the Company as Chief Executive Officer of Landqart AG and
Managing Director of Dresden. In addition, Erich Sulser, Chief Operating Officer of the Company and Chief Financial Officer of Landqart AG, is no longer with the Company. His duties will be assumed by other officers at this time.
Fortress Paper operates internationally in three distinct business segments: dissolving pulp, specialty papers and security paper products.
