Rayonier Advanced Materials Inc. and Tembec Inc. announced that they have received notification of clearance from Germany's Federal Cartel Office in connection with the previously announced proposed statutory arrangement under Section 192 of the Canada Business Corporations Act involving the acquisition by Rayonier AM of all of the outstanding shares of Tembec. Subject to obtaining the approvals of the holders of Tembec Shares and the Québec Superior Court and other necessary approvals and clearances, as well as the satisfaction or waiver of the conditions to the Transaction, it is expected that the Transaction will be completed by the end of 2017.

Norske Skog has over the last few days made meaningful progress with the holders of the EUR 100 million NSF facility and the majority holder of the 2115 Perpetual Notes towards find a mutual acceptable solution where these financial instruments are included in the consensual recapitalization of the Norske Skog group. If a solution is achieved, Norske Skog will have received indicative support from the requisite majority of all relevant financial instruments in the Norske Skog capital structure. Due to the need to include a solution for the NSF facility and the Perpetual Notes in the overall recapitalization proposal, a new consent solicitation to the secured and unsecured noteholders will need to be launched. It is not anticipated that the updated consent solicitation will include any material changes to the terms set out in the current consent solicitation statement. As a new consent solicitation will have to be launched, the current consent solicitation will not be extended and will therefore expire on 3 November 2017 at 17:00 CET. Click Read More below for additional information.

Norske Skog has entered into agreement with Talley’s Group, a New Zealand based dairy, fishing, produce and food company, to sell the Nature’s Flame pellets company for a consideration of approximately NZD 47.8 million (approximately NOK 280 million). The transaction is expected to close during the first quarter of 2022. “Nature’s Flame is an excellent company producing high quality and sustainable energy pellets from wood residues, and thus the sales process generated significant interest. Under our ownership, we have expanded the capacity from producing some 20,000 tonnes when acquired to currently 90,000 tonnes, and we are very pleased that Talley’s has indicated interest to continue the ongoing project to further expand the capacity to 150,000 tonnes."