Private equity funds pay 830 million for Norske's Korean newsprint assets

摘要

In a move to reduce its crashing burden of debt,financially troubled Norwegian paper-maker Norske Skog said this week it had struck a deal to sell its Korean subsidiary to Morgan Stanley Private Equity Asia and Shinhan Private Equity.The divestment of Norske Skog Korea(NSK)for 830 million will reduce Norske's net debt by about 25% and give the world's second largest newsprint manufacturer more financial flexibility for restructuring,CEO Christian Rynning-T0nnesen said in a press release.