Nynas reorganisation effectively closed
Sweden: Following the completion of the company reorganisation last year, Nynas has settled the payment in full to trade creditors with claims remaining.
Nynas
Sweden: Following the completion of the company reorganisation last year, Nynas has settled the payment in full to trade creditors with claims remaining.
This is 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,“ says 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 5 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,” says Bo Askvik.
Source: Nynas