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Einar Aas reaches deal with creditors, avoids bankruptcy

Power

15 Nov 2018 18:12

Oslo

15 Nov 2018 18:12

(Montel) Norwegian trader Einar Aas has reached a legally binding agreement with his creditors, avoiding personal bankruptcy, Nasdaq clearing said late on Thursday.

“Einar Aas had agreed to submit to a consensual arrangement with creditors to liquidate [his] estate in order for Nasdaq Clearing to recover for the default fund participants losses arising from his recent default,” Nasdaq said.

The arrangement provided the opportunity for companies involved to recover “significantly higher” funds compared to bankruptcy or debt composition, it added.

Agder Energi disagreed with the deal, but would not raise further objections, Nasdaq said.

The clearing house will distribute the funds recovered to other default fund members “on a pro rata basis based on their respective contributions to the Nasdaq Commodities fund at the time of the default”, it added.

In September, Aas blew a more than EUR 100m hole in the exchange’s clearing default fund, which had to be filled by other market players.

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