In less than a year, the Stenpa paper mill, acquired by the Accursia Capital investment fund, found itself in a delicate situation, culminating in a court-ordered receivership in July 2024. Located in Stenay, Meuse, the mill, specialized in the production of technical coated papers, employs 124 people and is one of the last industrial sites in the region.
Read Abandoned by its new shareholder, Stenpa (ex-Ahlstrom Stenay) in receivership
A tense receivership
The decision to place the plant in receivership follows management's inability to meet payments due. As Matej Kurent, Managing Director of Stenpa, explains: "Our current liabilities have exceeded our available resources, forcing us to declare suspension of payments."
The Bar-le-Duc Commercial Court's decision to extend the observation period until November 8, 2024 offers a slight respite. This decision is crucial for the company's future, as it enables Stenpa to continue its business while actively seeking a solid buyer.
Broken investment promises
To understand the mill's current situation, it's essential to go back to its takeover by Accursia Capital in October 2023. At the time, the investment fund announced major investments to modernize the production facilities and relaunch business. However, these promises have not been kept.
Alain Magisson, CSE secretary and CGT delegate, denounces ineffective management: "Accursia sold us a dream. None of the investments announced have been carried out, and today we find ourselves without the means to properly relaunch production."
The unions, like management, also point the finger at Ahlstrom, the mill's former owner, for not supporting the site sufficiently in the transition. "Ahlstrom abandoned the paper mill for years, and even after the sale, they were in direct competition in certain markets," says a union representative.
Active search for a buyer
The two-month extension decided by the Commercial Court is seen as a "breath of fresh air" by employees and unions alike. "We need this extra time to find a buyer who can propose a solid, viable industrial project," stresses Alain Magisson.
A number of companies have already shown an interest in taking over Stenpa, but so far no buyer has been selected. Management, for its part, remains optimistic and says it is working with the court-appointed administrator to identify a solution.
An uncertain but still possible future
Stenpa's future remains dependent on the decisions of the commercial court and the plant's ability to attract a reliable buyer by November 2024. However, management and employees say they are determined to fight to the bitter end to preserve this almost century-old plant, emblematic of the region's paper-making expertise.
