Norwegian specialty papers producer Hunsfos Fabrikker is going to file for bankruptcy. One month after the company had initiated debt restructuring proceedings with the supervision of the court of Kristiansand on August 23, the creditor's committee decided to discontinue operations with immediate effect. Since no guarantee for a restart of production is given, all employees have been given notice.
Hunsfos Fabrikker had been ailing due to high raw material and energy prices and due to the strength of the Norwegian Kroner. In August, the company's management had still been optimistic about the debt restructuring, but according to CEO Mark Gooseman, support from the customers has been insufficient and has not met the management's and the creditors commitee's requirements.