Three weeks to Norske Skog EGM showdown

Dec 16, 2015 at 07:33 pm by Staff


January 6 has now been set as the date for the showdown extraordinary general meeting of Norske Skog.

The meeting was requested by GSO Capital Partners - which wants to replace three members of the company's board - and Cyrus Capital Partners, which together own 11.5 per cent of the company. GSO is now the largest shareholder, following acquisition of shares last week.

Apart from the election and a management update on operations and financial position, the agenda includes presentation of a refinancing proposal by the two shareholders. Members of the election and remuneration committee are also to be elected.

GSO and Cyrus are reported to want to replace directors Karin Bing Orgland, Siri Beate Hatlen and Ole Enger, none of whom have resigned. GSO holds the largest proportion of Norske Skog unsecured bonds due June 2017, and wanted to extend these holdings until after 2019, but the proposal has been rejected by management. Instead they asked holders of the bonds to extend maturities and write down notes.


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