Despite large investments and cost reducing measures Lana Papiers Spéciaux has exhausted its capital reserves and files for insolvency.
On 21 January, Lana Papiers Spéciaux has filed for insolvency at the Commercial Court of Strasbourg in France. 90 employees are affected by the insolvency and have already been notified.
Claude Maxime Weil has been appointed administrator. Production at the mill in Strasbourg is to continue during the restructuring according to the French redressement judiciaire process.
Lana’s management was compelled to file for insolvency as the company’s capital reserves had been used up. Despite significant investments in the past three years, Lana Papiers Spéciaux was not able to operate profitably, the company said in a statement. The company’s difficult financial situation even deteriorated due to the ongoing crisis in the graphic paper sectors.
Now, the management is trying to implement restructuring measures that are to allow Lana to stay in business.
Lana Papiers Spéciaux produces security papers, graphic papers, art papers and technical papers on two paper machines with an annual capacity of 15,000 t. Lana’s sole owner is the German Concert Verwaltungs GmbH.
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