Extension of Nynas reorganisation approved
On March 20, Södertörn’s District Court 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 2019, Nynas has made good progress in the reorganisation process and now there are positive news regarding sanctions relief from OFAC. This gives both Nynas and the administrators confidence in completing the reorganisation in a successful manner.