Nynas expects to be stronger after reorganization
Nynas A.B.
Sweden’s Nynas A.B., a supplier of process oils to the tire and rubber industry, is set to exit its financial reorganization plan in mid-January.
STOCKHOLM Processing oil manufacturer Nynas A.B. was set to formally exit its more than yearlong reorganization on Jan. 18 after completing the final hurdle to exit the process.
The District Court of Sodertorn on Nov. 30 approved a composition proposal by creditors that was to become effective Dec. 21. But the Swedish Tax Agency appealed that ruling on Dec. 21, delaying the process.
Nynas, however, said on Dec. 28 that the liability to the tax authority has been repaid since, and the agency withdrew its objection. Because of the appeal, the formal public composition will become effective Jan. 18 as no other objections were filed, according to the Stockholm-based company.
Crystallex closer to being paid off by Venezuela
The Citgo sign sitting on the Boston University Bookstore Mall.
(Image by Rob Roby, Wikimedia Commons).
Delaware District Judge Leonard Stark -almost- made Canadian miner Crystallex’s wishes come through.
Stark complied with a request the company made back in September 2020 and approved the sale of PDV Holdings shares just before mid-January 2021. PDV Holdings is the parent company of refiner Citgo Petroleum Corp., which is owned by Venezuela.
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With this action, Crystallex wants to enforce a $1.4-billion arbitral award against the South American country, following a decade-long dispute over Venezuela’s 2008 nationalization of its gold mine in the southeastern Bolívar state. The amount is comprised of $1.2 billion, plus $200 million of interest awarded by a World Bank arbitration tribunal in 2016.
A U.S. judge approved the sale of shares in Venezuelan-owned refiner Citgo's parent company to pay Canadian gold miner Crystallex a $1.4 billion judgment for expropriation of its assets, even as the Treasury Department blocks the sale of the shares.
January 19, 2021, 10:49 AM)
The U.S. Treasury’s Office of Foreign Asset Control says that Exxon Mobil must pay a $2 million penalty for allegedly violating sanctions on Russia.
Last October ExxonMobil CEO Darren Woods delivered news to his staff that he had hoped to avoid: the company had been hit hard enough by low prices and the Coronavirus downturn that it would have to cut employees.
This came after the Texas-based oil major and once the third largest company in the world had reported three straight quarters of losses totalling more than $1 billion. Throughout 2020, as oil prices fell to historic lows, ExxonMobil slashed spending, halted some international projects, and eventually announced it would cut 700 employees from its Houston workforce.