French commercial court of Epinal has extended the observation period for the ailing packaging paper maker Papeterie de Raon.
The French commercial court of Epinal has received two offers for Papeterie de Raon, which has been in receivership since November last year. A spokesperson for Papeterie de Raon confirmed that a takeover offer was submitted by Italy's specialty and packaging paper producer Cartiera Galliera. The second party interested in taking over Papeterie de Raon was a group of investors headed by an unnamed French paper manager, the spokesperson said.
The commercial court of Epinal will take a final decision on 21 October after having examined both offers and having presented them to the company's employees. In addition, Papeterie de Raon was granted another six months of observation period within its judicial rescue proceedings.
Papeterie de Raon is producing machine-glazed recycled packaging paper for food and other packaging purposes on two paper machines. The total maximum output has ben recently reduced to approximately 32,000 tpy.
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