|Bid||0.00 x 1292100|
|Ask||0.00 x 500000|
|Day's Range||0.24 - 0.27|
|52 Week Range||0.14 - 2.70|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.00 (2.06%)|
|1y Target Est||1.00|
Norske Skogindustrier ASA filed for bankruptcy in Oslo on Tuesday after efforts to restructure its heavy debt load failed.
The long-awaited restructuring of Norske Skog, which seemed to be reaching consensus earlier this week, looks like being disrupted again after junior creditors objected to the rescue plan put out by the Norwegian pulp and paper company, and since backed by two-thirds of secured creditors. The committee of unsecured noteholders, which would have been left with a small amount of equity in the group under the company plan, called for the latter to be withdrawn and urged the board to work with them on its alternative proposal. In addition the unsecured committee, claiming to have a majority of the notes and thus able to block the company deal, called for the senior secured creditors to drop their demands that their €290m defaulted notes be repaid immediately.
Rating Action: Moody's downgrades Norske Skogindustrier's CFR to Caa3; stable outlook. Global Credit Research- 02 Jun 2017. Frankfurt am Main, June 02, 2017-- Moody's Investors Service, has today downgraded ...