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