No finalized buyout offers were submitted by the deadline for the Fibre Excellence pulp mill in Saint-Gaudens, Haute-Garonne.
According to The Toulouse Journal , the Portuguese bidder was required to submit its application to the Toulouse Commercial Court by October 22. The bidder is the Ghost Group, whose identity has now been confirmed by the Occitanie Region. Specializing in paper processing and the manufacture of hygiene products, the company submitted only a letter of intent, as did the French government and the Occitanie Region. These three letters confirm their commitment to the project but do not constitute a takeover offer.
And this lack of offers threatens the continuation of operations granted to the paper manufacturer, which has been in judicial liquidation since July 30. According to the call for bidders published by the court-appointed administrators, Fibre Excellence Saint-Gaudens has 238 employees and generated revenue of 140 million euros in 2025. Including the holding company and the two entities involved in forestry supply?which are also up for acquisition?a total of 349 employees are affected.
Ghost wants to process the dough on site
In a press release, the Occitanie Region provides details on Ghost?s project. Already a client of Fibre Excellence, the Portuguese group plans to invest approximately 200 million euros to restart pulp production and build a 50,000 m processing plant 2 . The company reportedly manufactures diapers, toilet paper, and paper towels, among other products.
The Region anticipates that pulp production will resume within twelve months. The full project is expected to become operational at a later date, following the completion of studies, the issuance of permits, and the securing of financing.
"The executives of the Ghost Group need time to bring to fruition a solid and ambitious industrial project that calls for an investment of 200 million. The Region remains fully committed." , says Carole Delga, president of the Occitanie Region.
A new hearing is scheduled for November 2 before the Toulouse Commercial Court, according to The Toulouse Journal .
