Nynas reorganisation closed

Nynas has settled payments to trade creditors with claims remaining, after receiving an initial payment of 100,000 Swedish krone each following the completion of Nynas’s company reorganisation in January 2021. According to a statement published by the speciality oil refiner and supplier on 19 January 2021, those actions are “in accordance with the composition agreement between all creditors and as decided by the District Court of Södertörn”.

“We are grateful for the cooperation, patience and loyalty that our customers and suppliers have shown following a difficult time in the company’s history. Today we are pleased to announce that the payment of the remaining outstanding amounts has taken place, “ said Bo Askvik, Nynas President & CEO.

As part of the composition agreement, the banks and the largest raw material supplier jointly declared that they agreed to have their claims converted into long-term senior loans with a maturity of five years at the earliest and a certain part converted into subordinated hybrid instruments.

“In the reorganisation process, we managed to find a solution for a very complex situation and came out as a stronger company with 5-year secured financing and a strengthened balance sheet. We will in 2022 keep our focus on continuing to strengthen Nynas to the benefit of all our stakeholders,” said Bo Askvik.