Scandinavian Enviro Systems AB has submitted an application to the Gothenburg District Court for a further three-month extension of its ongoing company reorganisation, as it’s working towards implementing a proposed debt settlement and securing financing for continued operations
The reorganisation of Enviro began on 27 February 2026, while on 30 June, the Gothenburg District Court approved an extension until 27 August. The company is now seeking to extend the process until 27 November 2026, hoping to give creditors sufficient time to review and decide on its proposed reorganisation plan and to allow a formal plan meeting and vote to take place.
Enviro has announced a proposed reorganisation plan to the parties concerned and intends to request that the court commence formal plan proceedings and set a date for the plan meeting. Under the proposed debt settlement, priority and non-priority creditors, excluding related-party creditors without priority, would receive 30% of their nominal claims, while related-party creditors without priority would receive no payment under the proposal. Enviro said the settlement would represent a composition of up to approximately SEK 35 million.
The plan meeting shall take place between three and five weeks after the court decides to open the plan proceedings, in accordance with the Swedish Company Reorganisation Act. Enviro expects to request plan proceedings before the District Court during September 2026, although the final date will be determined by the Gothenburg District Court.
Enviro has also entered into a conditional financing agreement with Nordic Restructuring and Growth Capital 1 for convertible loans of up to SEK 100 million, divided into two separate facilities: SEK 35 million may be used primarily to finance the proposed debt settlement with creditors and extent and to the extent any funds remain after the financing of the reorganisation, for general corporate purposes (Facility I), and SEK 65 million to be used for general corporate purposes (Facility II).
Enviro has also entered into an amendment agreement with Alumni Capital Limited, which increases an existing agreement from 22 May 2026 by SEK 30 million, bringing the total commitment from SEK 50 million to SEK 80 million,
Combined, the financing commitments from Nordic Restructuring and Growth Capital and the existing and increased Alumni Capital arrangement represent approximately SEK 175 million in total undrawn commitments, excluding subscription proceeds from any exercise of the warrants that have been issued and may be issued under the arrangements.
Enviro said the financing aims to provide the funds needed to settle creditor claims and provide working capital for continued operations after the reorganisation. The proposed plan and debt settlement remain subject to the relevant legal and creditor approval processes.
