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ADVEO's insolvency filing approved by court

European wholesaler ADVEO has received a favourable court decision in Spain for its voluntary insolvency filing.
The decision was made after ADVEO failed to obtain a refinancing agreement of debt. Adveo has debts of close to 180 million euros with BBVA, Santander, Caixabank, Bankia, Sabadell and Kutxabank after refinancing closed last summer.

During the first nine months of the year, the group reached a turnover of 282.4 million euros.

This latest news follows the recent collapse of ADVEO’s negotiations with Cerberus, which owns Staples Europe.