Virginal-Samme, Belgium 28 March 2017 -- Idempapers has more time to restructure its business and find a buyer. The commercial court of Nivelles extended the restructuring period for the specialty paper maker until 8 May.
Belgian specialty paper manufacturer Idempapers is to remain under court-supervised restructuring. The company told EUWID that it applied on 27 March for an extension of the restructuring period until 8 May. The application has reportedly been approved by the commercial court in Nivelles. Idempapers had applied on 13 December 2016 for court-supervised restructuring in accordance with Belgian law (procédure en réorganisation judiciaire) which was originally to last for three months. The period has already been extended once until 10 April.
Vincent Pairet, new CEO of Idempapers since last September, said that company operations were continuing normally. At no point had the company faced any production difficulties. Order levels remain healthy and customers are supplied as usual.
Mr Pairet explained that the restructuring needs more time. As Idempapers said in December, the company needs to reduce costs as well as debt. The company was reviewing the workforce situation as well as working conditions, Mr Pairet said, adding that it was still too early to tell whether jobs would be cut.
The company is planned to be sold. Idempapers says it has received bids from three potential buyers. The company declined to name the investors but said that they had invested previously in the paper industry but are also active in other sectors. Whether the product portfolio will see any changes in future would depend on the investors' plans. For the moment, Idempapers plans to remain in its niche market.
Idempapers is a manufacturer of specialty papers. The company's products include carbonless paper, label paper and poster paper. Annual capacity of the company, which employs 362 persons, amounts to 150,000 t. The company's mill is located in Virginal-Samme near Brussels. Idempapers originally owned a second site for logistics activities in Nivelles but sold it at the end of 2015 and outsourced logistics operations.