Enviro's revised restructuring plan proposes a 70% creditor write-off, with SEK 35m financing set aside for debt settlement.
Scandinavian Enviro Systems has presented a revised financial restructuring plan that would see certain creditors recover just 30% of their outstanding claims, as the Swedish tyre recycling technology company seeks approval for a debt settlement under its ongoing court-supervised reorganisation.
The revised proposal, announced on 9 November 2026, replaces an earlier plan published in August and introduces changes to the classification of creditors, while retaining the main debt settlement terms.
Enviro has been undergoing company reorganisation since 27 February 2026, following a decision by Gothenburg District Court. The process has subsequently been extended twice, most recently until 27 November.
Under the revised arrangements, creditors holding public-law claims and unrelated, non-preferential creditors would receive 30% of their recognised claims. This would effectively eliminate the remaining 70% of those debts if the proposal is approved and becomes legally binding.
Related-party creditors would receive no repayment under the proposed settlement.
The principal change concerns how creditors are divided into five groups for the restructuring process.
Under the previous proposal, one group included creditors asserting rights to retain company property as security for payment. Enviro has now moved those creditors into the non-preferential category.
According to the company, the creditors concerned had been asked to substantiate their retention rights but had not done so. Enviro also considers the relevant property to have no economic value to the business from a going-concern perspective.
The revised Group A now comprises the company's auditor, PwC, whose claim relating to statutory audit services has been recognised as preferential. Under the proposal, that claim would be paid in full.
The company said the revisions are intended to ensure that creditors are grouped according to their legal status, allowing the plan to proceed through the required approval process.
The proposed debt settlement is supported by financing agreed with Nordic Restructuring and Growth Capital 1 in August 2026.
The agreement involves a convertible loan and warrants, with SEK 35 million allocated to settling creditor claims. Enviro proposes that this new financing receive general preferential status under the restructuring plan.
Payments to eligible creditors would be made within three months of the plan becoming final and no longer subject to appeal.
Disputed claims would be settled only after a final resolution or binding agreement.
The restructuring proposal still requires creditor consideration and court confirmation. Enviro intends to apply to Gothenburg District Court for formal plan proceedings, during which affected creditors would be divided into groups and given the opportunity to vote.
The company has not announced that the revised settlement has been approved or implemented.
The revised financial proposal follows a separate announcement on 5 November in which Enviro confirmed a conditional US$2 million agreement for engineering and permitting work on a proposed North American tyre recycling facility.
As previously reported by Tyre News Media, the proposed plant would be designed to process up to 50,000 tonnes of end-of-life tyres annually.
However, the agreement remains conditional on the customer securing a suitable site and binding offtake agreements covering at least 75% of the expected production of both recovered oil and carbon black.
The development illustrates how Enviro is continuing to pursue commercial opportunities for its pyrolysis technology while working through its financial restructuring.
The two announcements concern separate processes, and Enviro has not indicated that the revised creditor proposal changes the status of the North American project.
For Enviro, the immediate next step is securing creditor approval and court confirmation of the revised reorganisation plan. The outcome will determine whether the proposed settlement can take effect.
Tags: Scandinavian Enviro Systems, Enviro restructuring, tyre recycling, creditor settlement, debt restructuring, tyre pyrolysis, recovered carbon black, Nordic Restructuring, Gothenburg District Court, circular economy
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