100 Potential buyers of Norske Skog plants

Norske Skog Oslo BankruptcyNorske Skog, Headquarters in Oslo. Photo: Norske Skog

About 100 potential buyers of Norske Skog plants

According to Dagens Næringsliv, around 100 potential buyers are interested in Norske Skog factories, but the board is still working intensely to save the company.

 

The international investment banks Citibank and Evercore are already in the process of preparing a bankruptcy sale, confirms the newspaper based on several independent sources.

– As far as I understand, these processes are on track, but it is unclear how long it will take to complete them, says chairman and Norske Skog’s largest owner, Christen Sveaas, to the newspaper.

It is Citibank who will conduct an auction to sell off the seven plants of the Group if Norske Skog is bankrupt. Citi Bank is assisted in this work by Evercore, and according to the newspaper, Evercore has already identified about 100 potential buyers of the paper mills.

Quick sale

The goal is for the bankruptcy sale to start quickly when it is a confirmed fact, and according to DN’s sources, a bankruptcy decision can be imminent. Sveaas has no doubt that this process is driven forward even if the company has not yet announced bankruptcy.

– Yes of course. All stakeholders are aware of the situation. The board’s duty is to examine absolutely all conceivable alternatives before the decision can be taken, says Christen Sveaas.

After the Norske Skog creditors for several weeks attempted to agree on a refinancing solution to save the paper conglomerate from bankruptcy, investor Kjell Inge Røkke enter into the struggle for the factories three weeks ago. The Røkke-controlled investment company Aker collaborates with one of Norske Skog’s largest lenders, the Oceanwood Investment Fund, to seek a bankruptcy.

The board then stated that it is most likely is going to be a bankruptcy in the company. The same was repeated by Sveaas last week.

 

NTB Scanpix / Norway Today

 

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