The latest move to restructure the company was not successful. Zanders Paper is going to be liquidated.
The insolvency administration of Zanders Paper has announced the end of paper production at the Germany's traditional paper and board manufacturer. The administration of the city of Bergisch Gladbach deplores the loss of around 380 jobs.
Zanders filed for insolvency with the Cologne District Court on 1 March 2021. On 30 April 2021, the insolvency administrator determined that there was no viable financing concept for the continuation of the paper company, reports the city of Bergisch Gladbach.
Behind Zanders Paper is a group of companies led by Norwegain pulp and paper enterpreneur Terje Haglund. With the Swedish JOOL Invest AB, a new co-investor also joined Zanders Paper in May 2019. According to the latest information, none of the parties involved was willing to inject further capital into the paper mill.
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