London-based hedge fund Oceanwood Capital Management has made around $150 million from a bet on bankrupt Norwegian newsprint manufacturer Norske Skog ASA, nearly five years after it bought the business out of bankruptcy, according to a report by Bloomberg.
London-based hedge fund Oceanwood Capital Management has made around $150 million from a bet on bankrupt Norwegian newsprint manufacturer Norske Skog ASA, nearly five years after it bought the business out of bankruptcy, according to a report by Bloomberg.
The report cites unnamed sources as revealing that Owenwood was finally able to cash in on its initial investment of around $300 million after selling that vast majority of its shares in the business last week.
Norske Skog filed for bankruptcy in 2017 on the back of waning demand for paper from publishing businesses. Oceanwood helped the business reorganise and pivot away from newsprint and publication paper to containerboard, which is used in packaging.
