Formal exit from Nynas reorganisation initiated

Formal exit from Nynas reorganisation initiated

A composition proposal as well as an administrators’ report have today been distributed to the creditors, by Nynas AB and the administrators. The composition proposal considered below is a result of the ongoing negotiations between the major creditors, and the composition contains two alternatives with regards to their concessions.

Proposed composition

The formal composition proposal distributed today offers all unsecured creditors the following composition:

  • All creditors will receive payment of 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 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 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.

All details are stated in the composition proposal submitted today to the creditors by mail.

The administrators fully support Nynas composition proposal which is also stated in their report. The administrators have been instrumental in the negotiations and shares Nynas’ view that all potential investors, either independently or thru backing from financial institutions, are financially strong and reputable with a serious interest in investing in Nynas business. Provided that the composition proposal is approved, as can be expected given the support by the administrators and the major creditors, the likelihood of reaching a final agreement within short regarding long-term ownership and financing of Nynas is deemed very high.  

Important progress made

Nynas financial difficulties, that led to the company reorganisation, originates from the US trade sanctions against PdVSA and Venezuela, which then also included Nynas. Extensive work has been carried out throughout the reorganisation period, which has resulted in decisive progress.

Since May this year, 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.

30.10.2020 12:15:00
67

Worldwide - Last Added

Nynas successfully exits reorganisation

Nynas successfully exits reorganisation

The District Court of Södertörn today decided that the Nynas company reorganisation is now complete, following a creditors meeting where the previously submitted ...

2.12.2020 18:27:00
101
NYCO to host a webinar on syntetic esters on December 1st

NYCO to host a webinar on syntetic esters on December 1st

NYCO is organizing a free webinar "Lubrication in Environmentally Sensitive Areas: Making the Right Choice with Esters". This will be the third session of the webinars hosted by ...

26.11.2020 18:21:00
46
Evonik and MCC signed distribution partnership agreement for North America

Evonik and MCC signed distribution partnership agreement for North America

MidContinental Chemical Company, Inc. (MCC) announced that it has been selected by Evonik Oil Additives to be their distribution partner in the United States and Canada. MCC will ...

4.11.2020 17:29:00
190
Biosynthetic® Technologies launches a new line of oleo derived additives

Biosynthetic® Technologies launches a new line of oleo derived additives

Biosynthetic® Technologies announced the launch of their new product line of novel additives for the metalworking fluids market called Biocea™. These products will be ...

3.11.2020 11:00:00
208
Infineum invests $40M in NDG plant to enhance supply reliability for customers

Infineum invests $40M in NDG plant to enhance supply reliability for customers

Infineum, a joint venture between ExxonMobil and Shell, announces the on-site arrival of a third Magnesium Sulfonate reactor at Port-Jérôme for installation and use ...

2.11.2020 13:37:00
201
Formal exit from Nynas reorganisation initiated

Formal exit from Nynas reorganisation initiated

A composition proposal as well as an administrators’ report have today been distributed to the creditors, by Nynas AB and the administrators. The composition proposal ...

30.10.2020 12:15:00
68
Lubrizol Additives Division announces changes to executive leadership team

Lubrizol Additives Division announces changes to executive leadership team

Lubrizol Additives Division President, Tom Curtis, recently announced changes to his leadership team. “In my 30 years at Lubrizol, I’ve never been more energized ...

24.10.2020 14:44:00
229
Brugarolas updates its facilities

Brugarolas updates its facilities

After months of works, and with the forced stoppage in the first moments of the Covid-19 pandemic, the new Brugarolas facilities are now a reality. The new warehouse, attached to ...

16.10.2020 17:06:00
81
Valvoline announces going big with greases

Valvoline announces going big with greases

Valvoline Inc., a leading worldwide supplier of premium branded lubricants and automotive services, has made a serious move into the market of greases. Since the 2019 acquisition ...

12.10.2020 16:21:00
456
Cerflon announces exclusive worldwide distribution partnership with IMCD

Cerflon announces exclusive worldwide distribution partnership with IMCD

Cerflon® Technologies, the global leader for the research and development of FluoroCeramic™ engineered chemistry under the CERFLON® trademark – and IMCD N.V., ...

11.10.2020 10:03:00
260