Formal exit from Nynas reorganisation initiated
Sweden, Stockholm: Swedish oil specialist Nynas has announced completion of their reorganisation
Image source: Nynas
Sweden, Stockholm: Swedish oil specialist Nynas has announced completion of their reorganisation
Nynas financial difficulties, that led to the company reorganisation, originates from the US trade sanctions against PdVSA and Venezuela, which then also included Nynas.
Since May 2020, Nynas is no longer blocked by US sanctions regulations and the company has been able to contract crude oil deliveries and negotiate financing under more favourable terms. The company has managed to secure good liquidity and cash flow through a significant reduction of overdue customer payments, a granted deferral of tax payments and an agreement on inventory financing.
The administrators of Nynas AB during the company reorganisation are Mikael Kubu, Ackordscentralen Stockholm AB and Lars Eric Gustafsson, Advokatfirman Schjødt.
The formal composition proposal distributed today offers all unsecured creditors the following composition:
- All creditors will receive payment of $11,400 (100,000 SEK) or the lower amount of their claim, including accrued interest, to be paid immediately after the composition has become legally binding.
- All creditors with claims remaining after receiving payment of $11,400 (100,000 SEK) will receive full payment within 12 months after the composition has become legally binding. Creditors under this section will participate in voting on the composition, due to the creditor’s concessions in the form of postponed payment and forgiveness of interest.
- The composition is conditioned upon that the Lenders and GPB jointly declare to accept either a composition of 25 % percent on their remaining claims in excess of $0,3 M (26.5 million SEK), to be paid within 12 months of the composition becoming legally binding. Alternatively, accept a higher composition of up to 65 %, but with a significantly longer credit period meaning that 36 % is converted into long-term senior loans with a maturity of 5 years at the earliest after the composition has become legally binding and 29% converted into subordinated hybrid instruments.
Source: Nynas