New emergency plan for Norwegian Forest – Halden Arbeiderblad

Norwegian Forest has long struggled to pay their debts.

The crisis plan is changed. The drama continues, reports newspaper Dagens Næringsliv.

Here’s the plan

Norwegian Forest dropper trying to get into a swap agreement on a loan of one billion kroner maturing in 2016.

instead, change the exchange offer to bondholders in a loan of two billion maturing in 2017.

the two major bondholders Blackstone and Cyrus Capital providing the company with a loan facility of 95 million euros.

the same bondholders undertake to subscribe for 15 million euros in new shares in Norwegian Forest.

in addition, the two companies will buy debt of up to 10 million euros if the Norwegian Forest wish.

See also: sure Saugbrugs manages

1.3 billion

Overall, this will improve the company’s liquidity by between 120 and 140 million euros, which corresponds to between 1.1 and 1.3 billion.

– These equity and liquidity measures with a total extent of 120-140 million euro will strengthen the company’s liquidity significantly forward. Following these transactions, we will concentrate our efforts to develop and prepare the business units, says CEO Sven Ombudstvedt Norwegian Forest in a press release.

Only for operation

Communication Carsten Dybevig in Norwegian Forest informs DN that the new facility of 95 million euro, equivalent to nearly one billion, can not be used in connection with the repayment of the bond in excess of one billion maturing this year.

– it can only used in the operations of its subsidiaries, says Dybevig.

– Is there any change in terms of the capacity to pay the bond that matures in June this year?

– we have always paid our long-term loans on time, and we intend to do going forward, says Dybevig.

Is pleased

According Dybevig board will assess the situation in June on the basis of the cash flow generated during the first half of this year, through both its operations and the sale of assets.

– we are happy with the offer we have put forward. We believe it is a good offer for 2017 bondholders, and we believe that we have secured long-term funding for the operation of companies in the future.

Safer

– If we get this reversed by bonds, we believe it will help to ensure not only the bondholders values, but also the other stakeholder value going forward, both shareholders and others, says Dybevig to DN.