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Sequana/Arjowiggins: French court orders opening of safeguard and receivership proceedings

10 Jan 2019 − 

Le Bourray plant halted production due to lack of raw material and energy, local paper says

Yesterday, the Commercial Court of Nanterre, France, ordered the opening of procedures for a number of Arjowiggins businesses, Arjowiggins' parent company Sequana said in a press release.

A safeguard procedure (procédure de sauvegarde) was opened in favour of Arjowiggins and the French companies Arjowiggins Paper and Arjowiggins Creative Papers. In addition, a receivership procedure (redressement judiciaire) was opened in favour of Arjowiggins Papiers Couchés, Arjowiggins Le Bourray, Greenfield and Arjowiggins Rives.

Sequana said that the procedures would help to support measures undertaken to find buyers for the various businesses of Arjowiggins and to preserve its interests.

Arjowiggins' parent company Sequana said it would request that the trading of its shares on Euronext would resume today on 10 January.

French regional paper Ouest France reports that all machines of the Le Bourray plant in France were stopped on Wednesday this week due to a lack of raw material and fuel.

 This is an excerpt of a report on Sequana/Arjowiggins. Find the full article in EUWID Pulp and Paper issue no 03/2019, which will be available to our e-paper and print subscribers as of 16 January.

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