The District Court of Södertörn in Sweden has decided that the Nynas company reorganization is complete, following a creditors meeting where the previously submitted composition proposal was accepted. The court’s decision will be effective on December 21; at that time, Nynas will no longer be limited by the reorganization regulations.
“I am happy to announce this very important step for Nynas and that we are now exiting the reorganisation that has been ongoing since December last year,” said Bo Askvik, Nynas president and CEO. “Together with our loyal customers and suppliers, we will vigorously move forward and continue to develop our business in all our global markets. We are ready to take back lost market share and more.
“The situation that Nynas has found itself in due to the reorganisation has placed tough demands on all parties involved, and intolerable pressure on our staff. Our brand is still strong, and this is the result of efforts made by all the loyal and hardworking staff in Nynas. I would also like to express that we are sincerely grateful for the support received from our customers and suppliers. Our partnerships truly go beyond mere commercial transactions.”
Nynas reports that it is coming out of reorganization as a stronger company, with five‐year secured financing and a strong balance sheet. Following ownership changes, Nynas has not been subject to U.S. sanction regulations since May. According to Nynas, this has meant that it has been able to contract crude oil deliveries and to continue financing discussions under more favorable terms. During the reorganization, Nynas has secured good liquidity and cash flow through a reduction in overdue customer payments, a granted deferral of tax payments, and an agreement on inventory financing.
Nynas has also shifted to a new blend of feedstock during the past year. This was necessary due to U.S. sanctions against the export of Venezuelan crude, which used to be a major feedstock for the company. Nynas reports that several new feedstocks have been approved and processed following a change program at its refineries and supply chain. Nynas can run its refineries with 100% non‐Venezuelan feedstock without affecting the demands of consistent product quality. All necessary permits from the authorities needed for running new feedstocks have been secured. The product recipes have been adapted, and Nynas has the necessary approvals from its customers across the world.
For more information, visit www.nynas.com.