Nyrstar: NN2 Newco scheme recognized; recapitalization now effective

By Caroline Salls

Pittsburgh, July 31 – Nyrstar NV announced Wednesday that NN2 Newco Ltd.’s scheme of arrangement was recognized in an order entered by the U.S. Bankruptcy Court for the Southern District of New York and that Nyrstar Group’s recapitalization has taken effect.

Now that the recapitalization is effective, the company said the group’s 2019 notes, 2024 notes and convertible bonds have been released in exchange for the issuance of new securities to the noteholders.

The company’s credit facilities have each been amended, and a €160 million new revolving facility has been provided.

Nyrstar said Trafigura now holds 98% of the outstanding shares in NN2 Newco, with Nyrstar holding the remaining 2% of shares.

According to the company news release, Hilmar Rode will remain a director and will continue to take up the responsibilities of chief executive officer of Nyrstar. Daniel Vanin has been appointed as the CEO of the operating group now indirectly controlled by Trafigura.

Nyrstar is a multi-metals business incorporated in Belgium with corporate offices in Switzerland.

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