December 6, 2021

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Rec Silicon pays NOK 95 million to settle with Nordea - E24

Rec Silicon pays NOK 95 million to settle with Nordea – E24

The original claim from Nordea, amounting to NOK 150 million, was in relation to a replacement loan that the company obtained with the bank after the bankruptcy of a previous subsidiary.

The photo is of the company’s plant in Moses Lake, USA, where production is currently closed.

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Silicone maker Rec Silicon reports that it has entered into a settlement with Nordea in connection with a case dating back to 2019.

It appears in a stock exchange announcement late Monday night.

The agreement means that the company pays Nordea 95 million NOK, in exchange for Nordea waiving all claims against Rec Silicon. 32 million of them have already been paid through a Rec deposit account with Nordea, while the remaining 63 million will be paid in one payment by the end of February next year.

I am November 2019 Rec Silicon has announced that the company has received a loan claim from Nordea worth NOK 150 million. This was related to an alternative loan that the company obtained with the bank in connection with the bankruptcy of a previous subsidiary in 2012.

In November 2020, Rec Silicion announced that Nordea had filed a lawsuit against the company for the loan claim of NOK 150 million.

Read the message from the company

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