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Cartiere Pigna Enters Creditor Arrangement Proceedings, Bavaria Industries Aims to Take Over Control

Thursday, Feb 11, 2016

Arti Group to lend "technical and operational support" to Cartiere Pigna until the final go-ahead for the new business plan.

In September 2015, Italy's office stationery, school supplies and paper goods manufacturer Cartiere Paolo Pigna had filed a petition for admission to the concordato preventivo in continuità insolvency proceedings with the Court of Bergamo. At the end of January, the competent court authorised Cartiere Pigna to enter the creditor arrangement proceedings that will allow the company to continue operating under the supervision of a court receiver and restructure its debt with creditors through the implementation of a new business plan.

Cartiere Pigna is supported by German investment and turnaround company Bavaria Industries Group AG. In a press release issued by Bavaria's subsidiary Arti Group in mid-December, the company announced that Bavaria Industries is keen to seize control over Cartiere Pigna and unlock synergies between the two companies in the areas of production, distribution, in order put it in a better position for the future. Arti Group wants to assist Cartiere Pigna as an advisor until the court in Bergamo gives the final go-ahead for the new business plan.

Bavaria Industries had shown an interest, a company spokesperson told EUWID last week. A decision had yet to be made about who would ultimately acquire a controlling stake in Cartiere Pigna. It currently looked as if Bavaria Industries’ Italian branch would take control of the company, the spokesperson said.

EUWID was unable to learn more detailed information about the nature of Bavaria Industries' plans for Cartiere Pigna. It was still too early to say anything on this front, the spokesperson commented. An agreement now had to be reached with Cartiere Pigna’s creditors. The reorganisation plan drawn up by Cartiere Pigna was now being reviewed, but Bavaria Industries had not yet finalised its plan and had to hold consultations with a variety of parties, including employee representatives.

Bavaria Industries acquired the printing and calendar business of the Bertelsmann subsidiary Be Printers and founded Arti Group in October 2014. It includes the two Italian printers Eurogravure and Arti Grafiche as well as the calendar businesseses Arti Grafiche Johnson in Italy and Mohn Kalender und Promotion Service in Germany. Bavaria puts Arti Group’s annual sales at aproximately €200m.

 

Source : euwid-paper.com

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