The city of Lappeenranta has come of age in symbiosis with UPM. For over 120 years, the forest giant has driven prosperity and innovation in the eastern Finnish border town newly voted as one of Europe’s greenest cities. “Lappeenranta wouldn’t be the vibrant city it is today without UPM,” says Mayor Kimmo Jarva. His words are more than a polite nod to the city’s top corporate taxpayer. Ever since the Kaukas mill was founded in 1873, the historic garrison town has evolved in close synergy with UPM. The mayor’s fourth-floor office provides sweeping views of the forests that have brought wealth to the town. The same forests now yield not only sawn timber, pulp and paper but also a new kind of “green gold” – circular innovations such as renewable biofuels, biochemicals and biomedical products.

Norske Skog has extended the deadline for the current exchange offers and consent solicitations to 23 August 2017. The existing short-term standstill agreements has also been extended to 23 August 2017, to allow for additional time to conclude the ongoing stakeholder discussions and finalisation of applicable documentation. The group has received a commitment letter for a EUR 16 million liquidity facility from the majority holders of the SSN (EUR 290m, 2019) bond and the NSF (EUR 100m, 2020) loan. Norske Skog plans to launch a revised recapitalization proposal with support from the majority holders of the SSN bond and the NSF loan early next week. The liquidity facility will allow Norske Skog to meet its operational cash flow needs. "We are very pleased that key stakeholders are supporting the business operations of the group through a committed liquidity facility. Our paper mills are highly competitive businesses with a prosperous future irrespective of the final solution to the group's capital structure." said Lars P.S. Sperre, President and CEO of Norske Skog. Click Read More below for additional detail.

Fourth Quarter of 2022 Highlights: *Fourth quarter 2022 net loss from continuing operations was $25.9 million, compared to net loss of $16.3 million in the third quarter of 2022on the same basis . This result reflects the sharp downturn in lumber market prices seen during the fourth quarter. *Lumber prices dropped, reflecting economic headwinds and lower demand in Q4 2022, with an average selling price of $644/mfbm compared to $800/mfbm in Q3 2022. Steadily rising interest rates since Q2 2022, in response to high inflation, reduced US housing starts and caused flagging homebuilders’ confidence, which worsened during the fourth quarter.