The extension of the CNC (Composizione Negoziata della Crisi) negotiated settlement procedure provides a protected framework in which the company can proceed with strategic asset sales and maintain access to credit facilities, according to Pro-Gest.
Italy’s largest independent paper and corrugated packaging group Pro-Gest, has announced a six-month extension of its crisis resolution process, known in Italy as the Composizione Negoziata della Crisi (CNC), as it works to finalize its comprehensive debt restructuring. The move reportedly underscores the company’s commitment — and that of its stakeholders — to a recovery plan focused on financial stabilization and operational continuity.
The CNC procedure was initiated in January 2025 and involves only the parent company Pro-Gest. Giampaolo Provaggi, who was appointed as the expert advisor overseeing the negotiations, will continue to steer the dialogue between creditors and the company, according to Pro-Gest. The talks are “well advanced and expected to be finalised in the coming months," the group announced.
The extension of the CNC procedure also provides a protected framework in which the company can proceed with strategic asset sales and maintain access to credit facilities. Among recent developments, Pro-Gest confirmed the closing of the sale of its stake in Scart Imballaggi Srl to Tri-Wall Italia Packaging Systems Srl. Additionally, the company has mandated Lincoln International Srl to manage the sale of its recycled corrugated case material (RCCM) mill in Mantua, as part of the broader turnaround strategy.
In the meantime and despite ongoing challenges in the market, the group reports that it is maintaining full operational continuity across its locations, while reinforcing its relationships with employees, customers, suppliers, trade unions, and credit institutions.
