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Baden Board files for insolvency as Fiskeby withdraws from deal

Word cloud insolvency
Baden Board files for insolvency again
24 Sep 2021 − 

he withdrawal of Fiskeby as an investor and the massive rise in gas prices have forced Baden Board to file for insolvency again.

Cartonboard and packaging manufacturer Baden Board, based in Gernsbach, Germany, filed for the opening of insolvency proceedings on 22 September. The local court in Baden-Baden has appointed Marc Schmidt-Thieme from Hoefer/Schmidt-Thieme as provisional insolvency administrator, Baden Board wrote in a press statement.

Baden Board has been burdened with an unexpectedly massive rise in gas prices of 230 per cent since the beginning of the year, said Mr Schmidt-Thieme.

He added: "In the next few days and weeks, we will start talks with all key stakeholders and review all restructuring options available to us."

Meanwhile, Baden Board's business operations will be fully maintained. Production, scheduling and delivery reliability will continue to be guaranteed during the preliminary insolvency proceedings.

Please find the full article in EUWID Pulp and Paper 39/2021. 

To gain full access to company news and in-depth market and price reports on major paper and board grades, raw materials and consumables consider subscribing to EUWID Pulp and Paper or start a three-week free trial.

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