Creditors back Hainsberg Papier's restructuring plan. Recycled paper manufacturer exists insolvency proceedings.
Germany's Papierfabrik Hainsberg has completed the debtor-in-possession (DIP) restructuring (Insolvenz in Eigenverwaltung) initiated last June. The company's creditor committee approved the restructuring plan, allowing the company to exit the insolvency proceedings.
Papierfabrik Hainsberg is doing business under the name of Hainsberg Papier and manufactures and markets recycled printing, office, envelope and specialty packaging paper with a staff of 120. According to the company, the product portfolio of the paper mill has been further developed putting more stress on papers for specialty packaging applications.
Papierfabrik Hainsberg reportedly ran into financial difficulty when it carried out comprehensive construction measures at paper machine buildings that turned out to be more complex than expected. The company had filed for insolvency proceedings in April last year and was admitted to DIP restructuring by the the District Court of Dresden in June.