Scandinavian Enviro Systems has been granted an extension of its company reorganisation until 27 November 2026, giving the tyre recycling technology company more time to progress its proposed reconstruction plan.
In its 29 September announcement, Enviro said Gothenburg District Court cited the draft plan, financing secured for it and other measures as grounds for allowing the process to continue. The reorganisation began on 27 February.
Affected parties must still have the opportunity to vote on the plan at a hearing. Enviro said it would request that the court open plan negotiations and set a hearing date.
The proposed settlement, published in August, would pay creditors 30% of their nominal claims, except non-preferential related-party creditors, who would receive nothing. These remain proposed terms.
Enviro also agreed convertible loan facilities of up to SEK100m with Nordic Restructuring and Growth Capital 1. Drawdowns are conditional on the plan becoming legally effective and the reorganisation ending.
On 6 October, Enviro announced a further Alumni Capital share issue providing approximately SEK750,000 before costs, following the SEK3.57m issue reported by TNM in July.
Its July interim update reported the bankruptcy of operating subsidiary Tyre Recycling in Sweden AB and said no revised Uddevalla timetable could be communicated. Those disclosures describe the position reported in July.
Tags: Enviro, Scandinavian Enviro Systems, tyre recycling, reorganisation, creditor settlement, Alumni Capital, recovered carbon black, recycling finance
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