09 Mar 2016

Norske Skog: Temporary restraining order (TRO) lifted - update on impairment testing

The United States District Court, Southern District of New York has ruled in favor of Norske Skog. The temporary restraining order (TRO) issued on 3 February by the New York State Supreme Court is therefore lifted.

Plaintiff's motion for a preliminary injunction (PI) was denied because the Plaintiff (Citibank N.A., London Branch) has failed to demonstrate it will suffer irreparable harm in the absence of an injunction.

Norske Skog will review the details of the ruling with its legal advisors and consider any effects on the ongoing exchange offer. Currently, more than 40% of the aggregate principal amount of the 2016 Notes and more than 75% of the aggregate principal amount of the 2017 Notes have been tendered in the Exchange Offers.

As announced on 10 February 2016, there is a disagreement between the company's auditor Ernst & Young AS and Norske Skog about the applicable principles and industry outlook relating to the calculation of asset values. The board of Norske Skogindustrier ASA is about to finalize the process. An announcement about the matter will be published in the next week.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Norske Skog
Communications and Public Affairs

For further information:

Norske Skog media:
Vice President Corporate Communication
Carsten Dybevig
Mob: +47 917 63 117
Norske Skog financial markets:
Vice President Investor Relations
Tom Rogn
Mob: +47 948 55 659

The United States District Court - New York Citibank vs Norske Skog