Sniace applies for liquidation, stops deliveries to Lignotech

Company liquidation, symbolic image
Company liquidation, symbolic image
27 Feb 2020 − 

Spanish chemical industry group Sniace has discontinued production at its Torrelavega plant and applied for liquidation of the company and its subsidiaries Celltech and Viscocel.

Sniace wrote that it was unable to fulfill the agreement with its creditors from 2015, which ended the bankruptcy proceedings opened in 2013. Furthermore, the drastic fall in prices for dissolving pulp and viscose fibres, as well as new Spanish regulation concerning the remuneration for cogeneration have made it difficult for the company to attract investors, according to the statement.

As a consequence, Sniace also ceased deliveries of lignosulfonates to Lignotech Ibérica on 25 February, informs Borregaard. Lignotech Ibérica is jointly owned by Sniace (40 per cent) and Borregaard (60 per cent) and manufactures lignin products.

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