On Thursday, DN was able to announce that the Einar Aas power lines are committed to an agreement with creditors and avoids bankruptcy after the big solvent in the power market earlier this fall.
For the first time, some of the creditors publishes information about the simplicity of the agreement between Einar Aas and the 166 creditor who could pay more than a billion dollars to the hedge fund in the dwelling center , who could not apply for Nasdaq Clearing from Aas.
"Estimates give us a reason to believe that we can get up to two-thirds of the loss," said Statkraft CEO, Christian Rynning-Tønnesen, who lost around 50 million dollars on Aas & # 39; dropout.
Rynning-Tønnesen needs to explain why Statkraft was ultimately ready to receive a reply that was discussed with Aas, which means that the power trader avoids personal bankruptcy. The background is a question referred to the Minister for Industry, Torbjørn Røe Isaksen (H) of Sigbjørn Gjelsvik of the Center Party. E24 mentioned the question this weekend. Gjelsvik asks the Minister for Industry to explain how Statkraft could accept Agder Energi's agreement as crucial.
Agder Energi, owned by over 40 per cent of Statkraft, opposes the agreement to begin with Aas and Mente Aas favorably.
"We have not had a dialogue with Agder along the way, but we share Agder's frustration with the situation that has arisen. However, we believe that the answer we have achieved is the best possible to & The creditors, Rynning-Tønnesen said.
As one of the largest creditors, there was Statkraft in the Nasdaq advisory group during the eight week discussions between Aas lawyers and Nasdaq lawyers. There were 15-20 of the largest creditors.
– This case was considered important and important by the brigades in New York. Ultimately, all the creditors voted for the agreement because we believe he was giving the best possible results, he said.
House price is 20 thousand.
From other sources, DN has learned the details of the agreement:
- Einar Aas will be able to earn up to 125,000 euros, or just over 1.2 million dollars a year for the next three years, without having to share with creditors.
- Aas house in Grimstad is valued around the NOK 20 million in the agreement. He keeps the house, but he must accept that the creditors have a mortgage of just over half the value. The plan will be reversed in a few years when Aas has realized the values of realization. The market value has set well below technical value because it is suspicious if anyone pays as much as Aas has settled in the newly renovated house in Grimstad.
The head of Statkraft will not comment on this information, but he confirms that Statkraft requires creditors to have rights in the house of Aas, which he will still be in.
– It means that the property can not be disposed of freely. For example, it can not be sold without further delay, says Rynning-Tønnesen.
Aas lawyer at Wikborg Rein, Marius Moursund Gisvold, believes that the details reproduced from the deal are partly misleading, partly unexpected. By the way, he will not say anything about the agreement.
Personal cord or bankruptcy
It's been two months since Einar Aas shake the entire Nordic power market when he sent a message that he had fallen down and was under the control of Nasdaq Stock Exchange.
The best strengths of the country for many years indicated that the result was either a chord (a debt settlement) or a personal bankruptcy.
A few days later, Einar Aas and Nasdaq Clearing started negotiating with a view to a voluntary agreement.
Nasdaq's stated aim is to maximize the NOK 1.1 billion loss, which arose when he sold the big slave portfolio to Einar Aas in an auction closed on September 13.
Able to share
When the agreement was announced on Thursday, it was clear that the agreement added that Aas had an active motivation to maximize the sale of assets to the creditors, mainly two a real estate project in Spain, a property in Norway and one part of art.
"Most of the assets sold directly from the market without Aas have any benefit from it. But when it comes to real estate projects in Spain, there are & # 39; It is especially important that Aas contributes because we believe it can increase the value of creditors, so it will earn a share if realized values are over specific thresholds, "said Rynning-Tønnesen.
He is trying to review the audit as a Norwegian Financial Supervisory Authority in Norway and Sweden, as well as the Nasdaq review itself.
"We are keen for Nasdaq to improve its credit status habits. We also believe that Nasdaq should reopen its portfolio winding up rules. We believe that such a portfolio needs to be divided into smaller pieces, which will make sales & # 39; It's easier for buyers and sellers, "he said.(Circle)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our issues using a link, which directly leads to our pages. Copying or any other type may only be used by the whole or part of the content by written permission or as permitted by law. For more terms, see here.