The Nanterre Commercial Court in France recently decided that Sequana, the holding company of Arjowiggins and Antalis, will be liquidated. The company says that it cannot meet the financial obligations imposed by the dispute with BAT. Moreover, it was no longer in a position to meet its operating costs or service other liabilities since the majority of the Arjowiggins Group's companies were in insolvency proceedings.
As previously decided, a new shareholder structure will be continued to be sought for the Antalis subsidiary in order to raise funds for future development.
