The motion for debtor-in-possessions proceedings has been withdrawn after the preliminary committee of creditors rejected the restructuring concept, explained Zanders' parent Mutares.
On 1 September, the District Court of Cologne has opened insolvency proceedings against the German speciality paper and board manufacturer Zanders GmbH. The court appointed Dr. Marc d'Avoine of ATN Lawyers as insolvency administrator. At the same time, the company's management team consisting of restructuring manager Igor Ferlan of Zanders' holding company Mutares, as well as lawyers Christian Köhler-Ma and Dr Gordon Geiser have reportedly ceased their operational responsibilities.
According to a press release published by the insolvency administrator's office, operations at Zanders, and the chosen restructuring course will be continued. "Whether and which reorganization measures have to be taken will be decided in a timely manner on the basis of the ongoing analysis," it said.
Previously, Zanders' had withdrawn the motion for debtor-in-possessions (DIP) proceedings launched last June. The Zanders management had come to the conclusion that the provisional creditors' committee, rejecting the presented restructuring concept under DIP proceedings, favoured other solutions for the creditors and the company, Zanders' parent Mutares announced in a separate press release.
This is only an excerpt of our report on Zanders. The full article will be published in EUWID Pulp and Paper issue no 37/2018 and will be available to our e-paper and print subscribers as of 12 September.