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Cartiere Pigna enters insolvency proceeding

Photo: Cartiere Pigna
Photo: Cartiere Pigna
Published by
Simon Matthis - 12 Feb 2016

Italian paper goods manufacturer Cartiere Pigna filed a petition to the insolvency proceedings with the Court of Bergamo. This will allow the company to continue operating under the supervision of a court receiver and restructure its debt with creditors through the implementation of a new business plan.

 According to Euwid, Cartiere Pigna is supported by German investment and turnaround company Bavaria Industries Group AG, and the latter is interested in taking control over Cartiere Pigna. In a press release issued by Bavaria's subsidiary Arti Group in mid-December, the company announced that Bavaria Industries is keen to seize control over Cartiere Pigna and unlock synergies between the two companies in the areas of production, distribution, in order put it in a better position for the future.