Norske Skog credit event occurs, ISDA committee says

New York, Aug. 2 – Norske Skogsindustrier ASA’s non-payment of interest due is a failure-to-pay credit event, the EMEA Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, Inc. announced on Wednesday.

An auction will be held to determine a price for settling credit default swap transactions, according to a news release.

Norske Skog announced on July 14 that it had entered into a standstill and forbearance agreement with some holders of its €290 million of senior secured notes.

As part of the agreement, interest on the notes would not be paid before July 30, which is after the end of the 30-day grace period, ISDA said.

Norske Skogindustrier is an Oslo-based paper and pulp company.

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