Enviro secures further restructuring extension

Gothenburg, Sweden – Scandinavian Enviro Systems has secured a further three-month extension of its company reorganisation process.

The Gothenburg District Court approved the extension until 27 Nov, the end-of-life tire pyrolysis company announced 29 Sept.

Enviro has been undergoing reorganisation since 27 Feb, with the process previously extended in June until 27 Aug. (ERJ report)

As part of this, the company has sought to terminate agreements linked to the Infiniteria joint venture “to release Enviro from onerous and loss-making commitments.” (ERJ report)

In its latest statement, Enviro said that the court granted the extension after the company presented a draft reorganisation plan, secured financing for the plan and took other required measures.

“The District Court's decision gives us the opportunity to continue the intensive work of completing the company reorganisation,” said CEO Fredrik Aaben.

Enviro said it now intends to ask the court to begin formal plan negotiations and set a hearing at which affected parties will vote on the proposed reorganisation plan.