Nynas news

20/03/2020 14:43

Extension of Nynas reorganisation approved

Södertörn's District Court today approved an extension of Nynas company reorganisation for another three months, until June 15. The reorganisation process will now continue with a focus on actions for removal of US sanctions applicable to the company and to finalise the long-term funding.

A key element for a successful reorganisation is to take Nynas out of the impact of US sanctions. As already communicated, the US Treasury Department's Office of Foreign Asset Control (OFAC) is ready to remove sanctions applicable to Nynas, once PDVSA have reduced their ownership interest in Nynas. Intense work to implement the measures and actions required to satisfy OFAC's demands are now ongoing.

To make planned and necessary purchases of crude oil going forward, negotiations are progressing with some of Nynas largest customers for an agreement on financing for deliveries of bitumen. In addition, Nynas financial advisor Carnegie Investment Bank is working in parallel on both the short- and long-term financing with potential lenders and investors.

Since December 13, Nynas have made good progress in the reorganisation process and we now have positive news regarding sanctions relief from OFAC. This gives both Nynas and the administrators confidence in completing the reorganisation in a successful manner.

Further reading

Approved extension of Nynas reorganisation

Södertörn's District Court today approved an extension of Nynas AB’s company reorganisation for another three months, until December 15, 2020.

Read more about Approved extension of Nynas reorganisation

Ownership change in Nynas

Neste announced today that it has sold its entire shareholding in Nynas to Bitumina, a global bitumen company active in more than 100 countries. This is an important step in the ongoing company reorganisation of Nynas.

Read more about Ownership change in Nynas

Significant addition to Nynas rubber lab

Tommie Ibert, Development Engineer, tests the new advanced video extensometer that has been installed at the Nynas Rubber Compounding Lab in Nynäshamn.

Read more about Significant addition to Nynas rubber lab