Norske Skog's operations will continue to run as normal. For employees, suppliers and customers, there will be no change, it will be business as usual. The bankruptcy of Norske Skogindustrier ASA is financial and concerns mainly shareholders and bondholders of Norske Skogindustrier ASA.
Oceanwood, the majority holder of the Senior Secured Notes (SSN), has started the process to enforce on the SSN collateral in Norske Skog AS. The ownership of Norske Skog AS, the parent company of all operating business units, will thus be transferred to new owners in an auction process. Oceanwood has entered into a joint venture (JV) with Aker in a bid to buy and operate Norske Skog AS. The JV is providing financial support to Norske Skog throughout the auction process.
- The operations of Norske Skog AS are attractive given leading competitive positions in their respective markets. We are thus very pleased to observe both strong financial and industrial interest in the operations of Norske Skog, said Sven Ombudstvedt, chairman of the board of Norske Skog AS.
- Our main task going forward is to facilitate the auction process and to ensure that Norske Skog AS gets a new strong owner. Meanwhile, we will continue to develop the operating businesses and look forward to a renewed strategic focus with new owners, said Lars P.S. Sperre, President and CEO of Norske Skog.