Troubled Swedish sawmiller Rörvik Timber has asked for its restructuring plan announced in April to be continued for another three months following a return to full operations.
The company told the District Court in Jönköpings that since mid-June all its sawmills were operational and its major suppliers had committed to provide raw materials. It said it had also complied with the sale of businesses and agreements with creditors and suppliers.
The plan calls eventually for the issue of new shares and the repayment to creditors of up to SKr500,000 in full and 50% of the remainder of any liabilities.
For more on this story, see next week’s issue of TTJ.
