Swedish tyre pyrolysis technology company Scandinavian Enviro Systems is seeking a three-month extension to its court-supervised business reorganisation, as the company works to secure long-term financing and restructure its operations and debt.
Enviro said it had sufficient liquidity to continue operating during the requested extension period, supported by a new financing agreement with Alumni Capital, which has committed to subscribe for newly issued shares worth up to SEK50m over the next twelve months. Enviro expects to present a reorganisation and financing plan in July or August. According to its preliminary assessment, unsecured creditors would receive at least 25 per cent of their claims under the proposed debt write-down....
