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Oceanwood Wins Right To Instruct Citi Over €290M Securities

Law360, London (March 8, 2018, 5:54 PM GMT) -- The U.K. High Court said Thursday that Oceanwood Opportunities Master Fund has the right to instruct Citibank over how to dispose of €290 million ($357 million) of debt securities issued by a Norwegian paper mill, finding the investor did not control the company despite holding most of the debt.

The London branch of Citi asked the English court to rule on the status of Oceanwood as the majority holder of debt securities issued by Norske Skog AG, which filed for insolvency in December and is offloading...
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