Noreco has rejected recent rumors and reported that the Company remains very proactive in managing its business and debt position. Moreover, Noreco has sufficient cash from its strong production to run the Company and meet its debt obligations, and the Company is not and does not expect to be in breach of any of its financial or other covenants.
In the third quarter, Noreco has used some of the Company's cash position to reduce debt. At the end of the third quarter, Noreco will routinely review all its financial covenants pertaining to its bonds and report to Norsk Tillitsmann that the Company is not in breach of any of its financial or other covenants in accordance with the terms of the respective bond loans.
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