4 December 2020
Gernandt & Danielsson has acted as lead legal counsel to Nynas in connection with its successful reorganisation
Gernandt & Danielsson has acted as lead legal counsel to Nynas in connection with its reorganisation which has been ongoing since December 2019 and is now successfully being completed following the approval by the Södertörn District Court on 30 November 2020 of Nynas’ proposal for composition. As part of the reorganisation, Nynas has, in addition to the composition, implemented extensive changes in both the ownership and financing structure, which allows the company to conclude the reorganisation with a strong balance sheet and a long-term financing. US sanctions was the single most important factor that triggered the reorganisation and the changes in the ownership structure means that Nynas is not subject to US sanctions. The refinancing of Nynas comprises an advanced financing package including, among other things, five-year senior secured facilities, perpetual subordinated hybrid instruments and, among other things, off-balance sheet crude inventory financing. The composition allows a large number of composition creditors to participate in a comprehensive security package until their claim has been settled.
In 2019, Nynas had sales of approximately SEK 17 billion and approximately 1,000 employees. The composition comprises liabilities exceeding in total SEK 9 billion. This makes the reorganisation one of the largest in Swedish history. The court’s decision is expected to become effective on 21 December 2020.
Gernandt & Danielsson acted as lead legal adviser to Nynas with a team consisting primarily of Partners Björn Svensson and Sofie Viktorsson, Counsel Pär Johansson, Senior Associates Henrik Appelqvist and Pierre Olsson and Associates Mathilda Wallén and Jakob Forsell.