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Fortress Global Enterprises provides financing update
September 30, 2019 By P&PC Staff
Fortress Global Enterprises has issued an update on its previously announced strategic and financing initiative, which is currently underway.
The initiative includes potential recapitalization, restructuring and/or business combination transaction.
To date, Fortress’s wholly owned subsidiaries, Fortress Specialty Cellulose (FSC) and Fortress Bioenergy, have borrowed $5 million under the previously announced senior secured credit facility, which has provided the company with supplemental liquidity.
“While we work diligently through our strategic initiative, the FSC mill has completed its second highest month of dissolving pulp production with an average of 493 ADMT per day in August,” says Giovanni Iadeluca, president and chief executive officer of Fortress Global Enterprises.
“A contributing factor has been the optimization of the fifth digester. However, we continue to experience significant weakness in the market and price for dissolving pulp. We appreciate the support we have received from our senior lenders.”
Iadeluca will be appointed as a director effective October 1, 2019 to replace Terrence Kavanagh who has tendered his resignation from the company’s board of directors.
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