Commercial Court to announce further decisions on Friday 29 March
The Commercial Court of Nanterre, France, has once again postponed the date for announcing decisions on the future of the French plants of the insolvent paper manufacturer Arjowiggins. Earlier this week, according to media reports and trade union representatives, another offer from the director of the Bessé-sur-Braye mill was filed with the Commercial Court. It comprises the continued operation of the plant with only around 200 of the more than 560 employees to date and is said to have been created on the initiative of representatives of the state and the region. According to a trade union representative, the Pays-de-la-Loire and Centre-Val de Loire regions will be prepared to provide €15 million for the project, with a further €15 million still to be provided by investors.
It is also reported that Lessebo, so far the only interested party for all of the three mills of Arjowiggins in France, has retired from the circle of interested parties. Reportedly there are other serious offers for the Greenfield recycled pulp mill and also an offer for the Le Bourray mill. According to market participants, the Greenfield plant is given the best chance of finding an operator with a viable business concept and financing. If no takeovers take place, the plants are threatened with liquidation as part of the insolvency proceedings.
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