Nynas exits US Sanctions. The general super priority right is extended
On 13 December 2019 at 16.01 p.m., the district court of Södertörn granted a petition regarding the initiation of a company reorganisation of Nynas AB (publ) ("Nynas"), whereby Lars Eric Gustafsson and Mikael Kubu were appointed as administrators. Significant progress was made on 12 May 2020 as US sanctions was lifted in respect of Nynas.
Nynas has been suffering from US sanctions since August 2017 as a result of Nynas being controlled by an entity subject to US trade sanctions. The ownership of Nynas has subsequently been restructured. On 12 May 2020 the US Treasury Department’s Office of Foreign Asset Control (OFAC) announced that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. US persons and companies no longer require an authorization from OFAC to engage in transactions or activities with Nynas AB. For more information, kindly see Nynas website and a statement issued by OFAC on US Treasury Department’s website.
On 20 March 2020 the district court decided that the reorganisation shall continue until 15 June 2020. In order to take part of Nynas’ request and the administrators remarks, kindly see "Nynas documents" below.
The administrators have extended the general super priority right to Nynas suppliers. In order to take part of the latest extension, please click here (publ. 13. May 2020). For the extension in Swedish, please click here (svensk version). For further information to suppliers etc., kindly see "Nynas documents" below.
For examples of media coverage of the reorganisation, kindly see here (article in The Wall Street Journal regarding inter alia the preliminary reorganisation plan), and here, (article in Dagens Industri).
Information regarding the company reorganisation will, going forward, continuously be published at nynas.com, ackordcentralen.se and schjodt.com. Questions will primarily be answered by your ordinary point of contact at Nynas.