26/09/2009 | KARTOGROUP - 150 million Euro needed to save Kartogroup - Il Tirreno | 152 million Euro for saving Kartogroup.
This is the purchasing proposal of Wepa Gruppe, company of German brothers Krengen, who, since more than one year, are managing the companies of the ex multi-national paper mill (through the loan by Wepa Lucca, company created on purpose for the re-starting of the activities) keeping production, employments and business relationships with suppliers still alive.
This is already a success, considering that, one year after the starting of legal procedures no-one of the foreign creditors have started bankruptcy procedures in their own Countries of origin, opening this way a new door and reducing a lot the hopes of salvation of Kartogroup.
There are 96 millions for the acquisition of Kartogroup in Lucca, Kartocell, Linpaper, Sud europa tissue, and other 56 millions for the German Kartogroup Deutschland Gmbh and the French Dalle Hygiene and Dalle Hygiene Production.
In addition, should it be possible to buy ex Kartrogroup, Wepa claims they would be in a position to obtain a loan from the German banks for other 150 millions which would be useful for the complete restarting of this international tissue company.
But the salvation is subject to two main conditions:
One is the total guaranteed coverage by the banks; the other one is the positive feedback by the creditors’ meeting.
BANK GUARANTEE: within October 31st words will have to become facts; the bank guarantee will be deposited and the purchasing offer formalized.
CREDITORS’ MEETING: the eventuality of losing hundreds employments is not yet overcome, because Wepa’s offer has to go through the creditor’s meeting planned in a short term. Will the creditors accept the conditions dictated by the composition ? will they accept the % of refunds which will be offered to them ? Should the 50%+1 of the creditors not be reached, Wepa plan will not be successful and Kartogroup will not be sold.
We’ll have to wait and see.
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