German paper manufacturer Zanders has decided to continue its long-term restructuring within the framework of insolvency proceedings and has filed an application with the competent district court in Cologne, Germany on 1 March 2021, Euwid reports.
Zanders produces specialty coated and uncoated paper for various applications.
According to the company, the Corona pandemic has led to a significant decline in sales of speciality papers for consumer goods. Zanders explained it was unable to fully compensate for the effects of this challenging situation
The company owners will continue to play an active role in the restructuring process in order to ensure a successful result, the statement continues.
During the insolvency opening proceedings, which are expected to last two to three months, business operations will be continued by the insolvency administrator, Zanders said.
The company said that it had been facing renewed difficulties with Zanders explained it was unable to fully compensate for the effects of this challenging situation despite its increased operating profitability and fundamentally good positioning.
This will give Zanders Paper breathing space to further restructure the company and prepare it for the future. Management and staff, as well as some key suppliers and customers, have already signalled their support.