LYSAKER, Norway (News release) -- Norske Skog has so far received support from a clear majority of both the secured and the unsecured noteholders for the proposed recapitalization solution. Norske Skog has now likely surpassed the thresholds required to implement the transaction by way of Schemes of Arrangement. However, the transaction is also contingent upon support from the majority holder of the EUR 100 million NSF and the 2115 Perpetual Notes.

The consent solicitation deadline is extended until Friday 3 November at 17:00 CET to allow sufficient time to allow for further discussions with the holders of NSF and Perpetual Notes.

We are pleased that we have likely achieved the sufficient level of support for the recapitalization from both the secured and the unsecured noteholders to execute an implementation via Scheme of Arrangements under UK laws. We now expect that holders of the EUR 100 million NSF and Perpetual Notes show constructive flexibility to reach a consensual transaction for their holdings", said Mr. Christen Sveaas, Chairman of Norske Skogindustrier ASA.

Regardless of the outcome of the recapitalization process, the business operations at our seven paper mills will continue as normal.

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