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Zanders to start self-managed debt restructuring

26 Jun 2018 − 

The rise in raw material and energy costs and the ongoing high costs of its company pension obligations have forced Zanders to apply for self-managed debt restructuring. A restructuring plan is to be presented in around three months.

The Cologne local court has approved an application from German specialty paper and board producer Zanders to launch a self-managed debt restructuring process. According to Zanders' holding company Mutares, Zanders had to apply for self-managed restructuring because of the ongoing high costs of its company pension obligations and the roughly 40% rise in the cost of raw materials and energy over the past 12 months. The company had raised its prices in response to the rising expenses, but was unable to fully offset them, Mutares added. Now, a restructuring plan supervised by the court should free the paper manufacturer from some of its financial burdens.

Find the entire article and any associated background information in EUWID Pulp and Paper no. 26.

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