Södertörn’s District Court in Sweden has approved an extension of Nynas’ company reorganisation for another three months, until 15 June 2020. Nynas AB is a Swedish manufacturer of specialty naphthenic oils and bitumen products.
The reorganisation process will now continue with a focus on actions for removal of U.S. sanctions applicable to the company and to finalise the company’s long-term funding.
A key element for a successful reorganisation is to take Nynas out of the impact of U.S. sanctions. The U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) is said to be ready to remove sanctions applicable to Nynas, once Venezuela’s state-owned oil and gas company PDVSA has reduced its ownership interest in Nynas. Intense work to implement the measures and actions required to satisfy OFAC’s demands are 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 13 December 2019, Nynas has made good progress in the reorganisation process.