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Norske Skog admits debt load is too muchPosted on February 22, 2008
from Staff Reports
Norway's largest forest products company, Norske Skog, admitted Friday that it was negotiating with banks to delay payment on three-quarters of its debt.
The company's obligations include $1.5 billion owed by 2010 and 2011.
On Thursday, the company said it had its debt under control, Aftenposten reported. On Friday, Norske Skog Chief Executive Officer Christian Rynning-Tonnesen admitted the company was talking to banks about delaying payment on $1.1 billion of its debt.
Analysts said a new deal was possible but the company would have to accept higher interest on loans.
Copyright 2008 by United Press International
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