Nynas Reorganization Effectively Closes
According to a composition agreement, certain creditors agreed to have claims converted to long-term senior loans.
Nynas has settled the payment in full to trade creditors that had claims remaining after they received an initial payment of 100,000 SEK (approximately $11,000) each following the completion of Nynas’ company reorganization in January 2021. 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,” said Bo Askvik, president and CEO. “Today we are pleased to announce that the payment of the remaining outstanding amounts has taken place.”
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,” Askvik said. “We will in 2022 keep our focus on continuing to strengthen Nynas to the benefit of all our stakeholders.”
Additional information is available at www.nynas.com.
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