Swedish sawmiller Rörvik has applied for a further extension for its reorganisation plan.
The company also said it is in final negotiations regarding the underwriting of a rights issue, an essential element in Rörvik’s reorganisation. If the application is approved, an extraordinary general meeting will be called in the coming weeks.
The reorganisation plan has already seen Rörvik divest business operations and it will include repayment to creditors of up to SKr500,000 in full and 50% of the remainder of liabilities.
In its most recent interim statement, Rörvik recorded a loss after tax of SKr145m for the first half of 2009.
