Scandinavian Enviro Systems announces revised proposal for a reorganisation plan – changed group classification for certain creditors

Background

Enviro’s company reorganisation began on 27 February 2026, following a decision by the Gothenburg District Court. Since then, the reorganisation has been extended twice, most recently up to and including 27 November 2026.

On 26 August 2026, Enviro published a proposed reorganisation plan, which was also sent to the affected parties. In light of feedback from the affected parties and the Company’s own considerations, Enviro is now presenting a revised proposal for a reorganisation plan.

Revisions compared to the previous proposal

The main revision concerns the classification of the affected parties into groups, and the affected parties will continue to be divided into five groups. The previous group A, which included creditors who have asserted a right of retention, has been eliminated, and these creditors are instead transferred to a group of non-preferential creditors. Group A now consists of the Company’s auditor, PwC, whose claim relating to the statutory audit is treated as a preferential claim and which is proposed to receive full payment.

The proposed debt settlement for other creditors remains unchanged. Creditors with claims under public law and non-related non-preferential creditors are proposed to receive 30 per cent of their claims, while related creditors are proposed to receive 0 per cent. Payment shall be made within three months of the plan becoming final and non-appealable; however, disputed claims shall be paid only once the dispute has been finally resolved or a binding settlement has been reached.

Reasons for the revisions

Creditors in the former group A, who have asserted a right of retention, have been asked to substantiate this right but have so far not done so. Enviro therefore assesses that these creditors should not be treated as having preferential claims, particularly since the property to which the right of retention would apply has no economic value to the Company from a going concern perspective.

Following the distribution of the previously proposed reorganisation plan, the Company’s auditor, PwC, has asserted that its claim is a preferential claim, which the Company has accepted.

The revisions are intended to establish a classification into groups that accurately reflects the creditors’ legal status and, consequently, to create a reorganisation plan that can be adopted by the affected parties and confirmed by the district court.

Financing

The debt settlement is financed through the agreement regarding a convertible loan and warrants that Enviro entered into on 26 August 2026 with Nordic Restructuring and Growth Capital 1. The portion of the loan intended to finance the Company’s debt settlement, amounting to SEK 35 million, constitutes new financing under the plan and is proposed to be granted a general right of priority.

Next steps

The revised proposal for the reorganisation plan will be sent to the affected parties along with the reorganisation administrator’s report. Enviro intends to apply shortly to the district court for plan proceedings, at which the affected parties will be divided into groups and given the opportunity to vote on the adoption of the reorganisation plan.

The revised reorganisation plan in its entirety will be published on Enviro’s website, www.envirosystems.se.