case / 09 Dec 2020

Setterwalls represented the single largest creditor in Nynas’ successful company reorganisation

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Setterwalls represented the single largest creditor in Nynas’ successful company reorganisation.

Setterwalls represented Nynas’ previous supplier of crude oil in connection with Nynas’ company reorganisation. The negotiations between Nynas, the larger creditors and other stakeholders of the company resulted in a public composition, which was approved by the creditors and ruled upon by the district court of Södertörn on 30 November 2020. By the time Nynas entered into the company reorganisation, the crude oil supplier had claims on Nynas in excess of 3.5 billion SEK and was Nynas single largest creditor.

In short, the public composition entails full payment for all creditors with claims in the amounts of up to 30 million SEK. The largest creditors, i.e. the crude oil supplier and the syndicate of banks which have provided financing to Nynas, have accepted that their claims are written down and converted into long term loans and subordinated hybrid instruments. All creditors with claims exceeding 100,000 SEK will be granted security in Nynas’ assets.

The public composition becomes legally binding on 22 December 2020.

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