Insolvency Administrator for Zanders Says Investor Process Started Successfully
Entry of an investor expected before the end of the year
"We are making good progress with the exploratory talks with interested parties, and a large number of contacts have already resulted in several concrete discussions." – Marc d'Avoine, Insolvency Administrator for Zanders.
Sept. 21, 2018 - Zanders insolvency administrator Marc d'Avoine says discussions with possible investors have been positive and a solution for the German papermaker may result by the end of the year.
“We are making good progress with the exploratory talks with interested parties, and a large number of contacts have already resulted in several concrete discussions. So we remain optimistic that we will have a conclusion by the end of this year," d'Avoine said.
The insolvency team around Dr. d'Avoine, with support from KPMG, had addressed both financial and strategic investors worldwide in the last weeks. According to d'Avoine, the due diligence phase has already started with selected interested parties from both groups, and management meetings and site visits are currently being conducted.
At the same time, the restructuring of Zanders is being driven forward. Efficiency enhancements have been achieved in production, and the sales department was able to keep all important customers, in some cases even expanding order volumes and gaining new customers.
"Overall, Zanders is on the right path," d'Avoine concluded.
Located in Bergisch Gladbach, Germany, Zanders has the overall capacity to produce 325,000 tons per year of high quality specialty papers and cartons for labels, packaging and graphic applications on two paper machines — PM2 and PM3. To learn more, please visit: www.zanders.com.
Go to a related article on PaperAge.com:
» Zanders Withdraws Application for Restructuring in Self-Administration - Sept. 6, 2018