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Nynas formally exits the reorganisation
The district court's decision of 30 November to confirm the composition in Nynas AB's corporate reorganisation was appealed by the Swedish Tax Agency on 21 December. The liability to the tax authority has since then been paid, with the effect that it has no remaining right to object to the formal public composition becoming effective. The tax authority has subsequently withdrawn its objection and the Court of Appeal has today dismissed the case on the basis of the withdrawal.
The tax authority’s objection however delayed the formal public composition becoming effective with some weeks, with the effect that the composition now will become effective on 19 January 2021.
No other party raised any objections to the formal public composition and the objection period has ended.
“Nynas comes out of the reorganisation as a stronger company with 5-year secured financing and a strong balance sheet. 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,” says Bo Askvik, Nynas President & CEO.
The district court's decision of 30 November to confirm the composition in Nynas AB's corporate reorganisation has been appealed by the Swedish Tax Agency on 21 December. Extraordinary reasons have since been applied based on approval of the administrators as of 22 December 2020 and Nynas has today paid in full to the Swedish Tax Agency and thus the Swedish Tax Agency no longer has any claim.Read more about Nynas reorganisation formally expected to be completed in January 2021
The long-term trend of a reduced supply of Group I oils is accelerating. It is now time for formulators to consider Group I replacements for applications such as industrial lubricants, metalworking fluids and process oil. Nynas’ NYBASE® range is engineered for this very purpose.Read more about Time to reformulate as Group I departs
The District Court of Södertörn today decided that the Nynas company reorganisation is now complete, following a creditors meeting where the previously submitted composition proposal was accepted.Read more about Nynas successfully exits reorganisation