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

Nynas business continuity - COVID-19

The WHO declared on March 11 that the global COVID-19 outbreak should now be classified as a pandemic, since it has spread to several countries around the world. At Nynas we take this situation very seriously and are doing our utmost to secure the business continuity and to limit the spread of the virus.

Read more about Nynas business continuity - COVID-19

Nynas applies for extended reorganisation

OFAC ready to initiate process for removal of sanctions applicable to Nynas.

Read more about Nynas applies for extended reorganisation

Information regarding industry conferences and events

Nynas is suspending attendance to industry conferences and events amid concerns about the quick spreading CoVid19 outbreak.

Read more about Information regarding industry conferences and events