SARPSBORG, Norway, April 22, 2016 (Press Release) -Borregaard has received a funding commitment of EUR 25 million (NOK 232 million), for the development and commercialisation of Exilva, Borregaard’s microfibrillar cellulose.
This support comes from the “Horizon 2020 Flagship Programme”, the EU Framework Programme for Research and Innovation. The funding is intended to reduce the financial risks involved in the development and market introduction of new technologies in a commercial phase.Read more
NORCROSS, GA, April 22, 2016 (Globe Newswire) -WestRock Company today announced that its Board of Directors has approved the completion of the separation of its specialty chemicals business from the remaining businesses of WestRock to form Ingevity Corporation (Ingevity). The planned separation, which is expected to be tax-free to WestRock stockholders, except with respect to fractional shares, is expected to be completed on May 15, 2016.Read more
OSLO, NORWAY, April 5, 2016 (Globe Newswire) -Norske Skog has in the past entered into Euro denominated energy contracts in Norway, reducing the group's exposure to the Norwegian krone. Financially, a contract combining energy prices and currency exposures is considered a hybrid instrument, containing a host contract and an embedded derivative. A hybrid instrument can be accounted for based on the host contract, or be split and accounted for by their separate elements. Norske Skog previously accounted for such contracts by their separate elements.Read more
BALAKHNA, Russia, March 17, 2016 (Press Release) -This will enable the Mill to operate in the normal way.
On March 04, 2016 the Arbitrazh (Commercial) court of Nizhny Novgorod region allowed JSC Volga’s petition for an instalment plan in the execution of the court decision in PAO MRSK of Centre and Privolzhie’s [Interregional Distribution Grid Company of Centre and Volga Region] case against JSC Volga. The case concerns the recovery of 658 million roubles in debt for the electricity transmission services.Read more
TORONTO, ON, Jan. 8, 2016 (Press Release) -On January 7, Verso Paper Holdings LLC (“Verso”, Caa2 negative) announced that it has sold its subsidiary, Verso Androscoggin Power LLC (VAP) to Eagle Creek Renewable Energy LLC (unrated) for about $62 million. The sale is credit positive because it will strengthen the company’s liquidity position with no significant impact on operations and minimal cost impacts. Verso’s Caa2 Corporate Family Rating, SGL-4 Speculative Grade Liquidity rating and negative outlook remain unchanged.Read more
While the grant money had already been awarded by the Pennsylvania Office of the Budget, Kenetha Hansen, who spoke at Wednesday's York County Commissioner's meeting in her role as an assistant secretary of the York County Industrial Development Authority, said that the money has not yet been disbursed.Read more
Ence Energía y Celulosa has signed the refinancing of project finance loans of their plants generating electricity with biomass Huelva (50MW) and Merida (20MW). The company reduces the spread of 100 basis points over Euribor.Read more