For for the second time in less than three years Zanders Paper has filed for insolvency. According to the management announcement, this procedure will enable the German premium paper and board manufacturer to continue its restructuring.
The papermaker, who belongs to the Swedish industrial group Jool since December 2018 The company's CEO, Mr. Klaus Klein, points out that it has had a good first quarter in 2020. But the coronavirus pandemic has led to a sharp drop in specialty paper sales.
"The various effects of this difficult situation could not be fully compensated for by the German company despite increased operating profitability and a fundamentally sound configuration and positioning."
"In view of these circumstances, the management of Zanders Paper has decided to continue the long-term restructuring of the company in insolvency proceedings and has today filed an application to this effect with the competent district court in Cologne. This is intended to protect the interests of all stakeholders, including, but not limited to, employees, creditors, customers and the town of Bergisch Gladbach. This procedure will give Zanders Paper room to rebuild and further shape the company for the future."
The paper manufacturer, which employs around 380 people mainly in Cologne, also ensures that "management and staff as well as some important suppliers and customers have already shown their support". In addition, he says that a previously commissioned independent study confirms the company's good prospects for the future, due to its state-of-the-art machinery, its expertise in papermaking and its extensive product portfolio with strong brands, such as the well-known Chromolux.
