Arjowiggins plans to file petitions to open receivership proceedings for some of its subsidiaries
| 08 January, 2019
In a highly deteriorated market environment and further to the termination by Fineska BV of the planned acquisition of its Graphic and Creative Papers businesses, Arjowiggins and the French companies Arjowiggins Papers and Arjowiggins Creative Papers plan to petition the Commercial Court of Nanterre to open a preventive Safeguard procedure in their favour to protect their interests.
Some of Arjowiggins’ French subsidiaries will file a petition to open Receivership proceedings (Redressement judiciaire). These petitions will be reviewed by the Commercial Court at a hearing on 8 January 2019. The Priplak and Arjobex subsidiaries are unaffected by these procedures.
The Arjowiggins subsidiaries affected by these procedures operate the mills of Bessé-sur-Braye, Le Bourray and Greenfield. These projects are part of an information/consultation process with the various relevant Works Councils representing the personnel. Regarding the subsidiaries outside France, the Group is reviewing its various strategic options jointly with the local managers, with the ultimate goal of minimizing the impact of the French procedures.