Recently, Idempapers filed for a Procédure en Réorganisation Judiciaire (PRJ) at the Commercial Court of Nivelles, Belgium. The filing calls for a period (renewable) of 3 months. The Belgian company which is active in the specialty paper market intends by this means to explore different paths to pursue its development of a new structure on sound and solid foundations.
The paper company based in Virginal (Ittre) today faces various internal and external challenges. In order to meet the current constraints of a highly competitive and declining paper market, Idempapers must adapt its cost structure and ease the burden of its debt. Thanks to the inherent protection of the PRJ, the European leader in the carbonless market and producer of label and poster paper wants to overcome these challenges and continue its activities with a new structure on sound and solid foundations.
Additionally, this approach opens up new possibilities for potential buyers and investors. Numerous companies in the sector have already expressed their interest in the company, whose attractiveness stems from the fullness of its order book, the flexibility of its production tools and the unique expertise and commitment of its staff.
Sogepa, the main creditor and shareholder of the paper company, has confirmed its willingness to continue to support Idempapers. The latter can count on the support of key players in its field of activity to carry out its turn-around, as Vincent Pairet, CEO of Idempapers, confirms: "We are convinced that, through the success of this recovery process, a solid foundation for Idempapers 2.0 will be built with the support of all our partners, starting with our employees and subcontractors, but also including our customers and suppliers."
Industrial and financial companies have already approached Idempapers to consider taking part in the continuance of its activities. "Since the filing, company visits by several interested parties have been organized. Moreover, we have been operating normally since, and with the support of our customers, our order book remains full." says Vincent Pairet. These signs of interest on the one hand and the support of customers strengthen the company’s approach to its reorganisation.