Norske Skog

I own some bonds in Norske Skog Holding AS - 8% 2021 expiry (XS1193909154).

Does anyone here have some information about the ongoing situation in the company and prospects for recovery for bondholders?

Comments

  • any free service to see it's price action, common stock tells you an obvious restructuring story, get in the queue

    https://www.bloomberg.com/press-releases/2017-10-12/largest-unsecured-creditor-rejects-norske-skog-recapitalization-proposal
  • Yes I am aware of the recent events. In summary, the mother company has gone bankrupt and the collateral (operating company) is now under sale / realization on a M&A process run by Evercore. There are secured investors of 290 MEUR + 100 MEUR in securitization facilities+ interests. All above this will go to the 2021 / 2023 holders (guaranteed bonds on unsecured basis).

    These bonds are thus options on a higher sale price than the secured debt, and trades well below 10% of par. Id appreciate som opinions on how realistic it is that 2021/2023 will gain recovery.
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