Nynas news

22/12/2020 14:59

Nynas reorganisation formally expected to be completed in January 2021

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.

This delays the agreed composition to gain legal force. During that time, Nynas corporate reorganisation will continue as before with the participation of the designated administrators. Nynas is expected to formally exit from the reorganisation in January 2021.

All other creditors have accepted the composition and the Swedish Tax Agency has a very small part of the total debt with SEK 9 million out of a total of more than SEK 9 billion.

The agreement with the banks and GPB on further debt write-off is not affected and for other creditors, full payment up to SEK 100,000 will be postponed until January 2021.

No other appeals can be considered as the deadline for appealing the district court's decision expired on 21 December 2020.

The general super priority right for Nynas creditors / suppliers is extended from today to 11 January 2021, see separate communication.

We will return with information as soon as a decision is announced by the Court of Appeal.

Further reading

Nynas reorganisation completed

Today, the decision to adopt Nynas composition from 30 November 2020 became final in Södertörn District Court. This means that Nynas company reorganisation is formally completed and that Nynas creditors will be paid in accordance with the composition agreement.

Read more about Nynas reorganisation completed

Time to reformulate as Group I departs

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