The Peterson Group reached an agreement with the Norwegian government’s financing organ Innovasjon Norge and the Norwegian bank DnB Nor on terms for refinancing that will raise 30 million Norwegian Kroner from Peterson’s owners and 150 million in new loans from Innovasjon Norge and DnB, as well as cash payment of 122 million Kroner for the sale of property.The Group’s total debt will be reduced by 180 million Norwegian Kroner and cash and cash equivalents strengthened by 47 million.According to Peterson’s Board Chairman, Andreas Enger, the refinancing will create favorable prospects for continued operation. All units within the Group are expected to deliver positive cash flow as early as this year, according to Enger.Nordic Paper Journal has learned that a condition for the refinancing is a public composition for the subsidiary Peterson Linerboard, which is unable to pay its debts to suppliers.“It is unfortunate that we are forced to request public debt negotiations in Peterson Linerboard, but we believe that continued operation of the company is in the best interests of all stakeholders,” says Andreas Enger, emphasizing that composition negotiations in the district court may save Peterson Linerboard from bankruptcy.Peterson Linerboard, which manufactures kraft liner and test liner in Moss and Ranheim in southern Norway, is one branch of the Peterson Group. The other, Peterson Packaging, has nine plants for packaging production in Norway, Sweden, Finland and Denmark. The Group has 1,500 employees, of whom slightly less than 400 work in Peterson Linerboard’s two mills.