Legal Proceedings Report • Feb 14, 2020
Legal Proceedings Report
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Borregaard ASA: Spanish lignin partner Sniace declares intention to apply for liquidation
The Board of the Sniace Group, Borregaard's partner and supplier of lignin raw
material to the jointly owned company LignoTech Ibérica, informed the Madrid
Stock Exchange Commission yesterday of its intention to apply for liquidation of
the company and its subsidiaries. According to the notice, this is a consequence
of the fact that Sniace is unable to fulfil the agreement with its creditors
from 2015, which ended the bankruptcy proceedings opened in 2013. Depending on
the court decision on the request for liquidation an administrator will be
appointed, who will then decide on the further steps. It is currently not known
how this development will affect the operation of LignoTech Ibérica.
Sarpsborg, 14 February 2020
Contact:
Jørn Syvertsen, Director Investor Relations, +47 958 36 335
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
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