The Slovenian banknote, security and fine paper producer Radece papir has terminated compulsory settlement agreement. The company filed for bankruptcy proceedings under the Slovenian law.
The ailing Slovenian paper manufacturer Radece papir has filed for bankruptcy proceeding with the District Court of Celje after the company failed to secure money to restart operations. Bankruptcy proceedings were opened on 2 April, according to court documents released by the Slovenian agency for public legal records and related services, Ajpes.
Radece paper mill houses two paper machines with a total capacity of 5.000 tpy of banknote and security papers and 33,000 tpy of uncoated woodfree paper. Some 370 employees are affected by the bankruptcy proceedings.