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