The District Court of Gelderland declared the specialty paper mill Innovio Papers insolvent on 10 August.
Dutch specialty paper manufacturer Innovio Papers is insolvent. The district court of Gelderland opened insolvency proceedings for the company on 10 August. Coen Houtman of the law firm Poelmann van den Broek was appointed as insolvency administrator.
Innovio Papers operates the former Sappi paper mill in Nijmegen. Prior to its sale to the US investment and private equity firm AIAC (American Industrial Acquisition Corporation) in June 2014, the Sappi Nijmegen mill produced 240,000 tpy of coated woodfree paper on one machine. Innovio Papers wanted to reposition itself and had adapted the machinery to make specialty paper.
According to reports published in the Dutch media, around 150 employees are affected by the insolvency.