No solution yet for insolvency at Italy's Pansac International

David Vink
EUROPEAN PLASTICS NEWS

Published: June 28, 2013 2:57 pm ET
Updated: June 28, 2013 3:00 pm ET

Related to this story

Topics Packaging, Mergers & Acquisitions, Film & Sheet, Extrusion

Italian polyethylene film producer Pansac International srl is continuing to operate under insolvency administration after the failure of a sale process earlier this year.

The company, which has been under insolvency administration since December 2011, was created from the restructuring of Nuova Pansac's PE films business. Under the terms of the rearrangement reached in November 2010, most debts remained with Nuova Pansac, with business continuing under the Pansac International name.

Four of the original five plants are still running and there are orders for "several months", according to a statement by Massimo Meneghetti, secretary of the Femca Cisl trade union in Venice, which was published on June 5 by the local newspaper La Nuova Venezia. The company has operating plants in Mira, Ravenna, Zingonia and Marghera. The fifth plant in Portogruaro is no longer operating.

Marco Cappelletto, the insolvency administrator for Mira-based Pansac International, had been seeking a three-month extension of the special layoff conditions upon their expiry on June 22, the newspaper reported.

Information on Pansac International's website and in the Registro Imprese public records shows that Cappelletto faces a difficult situation in finding a solution for Pansac International.

In January, he invited offers for apartments, houses and land owned by Pansac International. In February, Cappelletto invited tenders for the operating units of the company.

The local La Nuova Venezia newspaper reported Cappeletto as saying tenders offered by the April 10 deadline had been "completely out of line with the value of the assets offered." He received two bids for the Mira operation, one for Zingonia, one for Ravenna and one for land on the former fifth production site in Portogruaro.

Following a meeting with the ministry for economic development in Rome, it was decided to issue a further tender involving separation of the business from property and leasing of facilities.

No announcements have since been made on the sale process.


Comments

No solution yet for insolvency at Italy's Pansac International

David Vink
EUROPEAN PLASTICS NEWS

Published: June 28, 2013 2:57 pm ET
Updated: June 28, 2013 3:00 pm ET

Post Your Comments


Back to story


More stories

Image

New medical firm buys Clairson Plastics

September 19, 2014 4:33 pm ET

Custom injection molder Clairson Plastics is being sold to a new start-up that plans to dive into the medical market with a new dialyzer, a key...    More

Image

Hong Kong's TK eyes expansion, may buy Nypro Tool operation

September 19, 2014 2:49 pm ET

Hong Kong-based mold maker and plastics processor TK Group (Holdings) Ltd. said it's reached a tentative agreement to buy a tooling factory in...    More

Exo-s buys injection and blow molder in Mexico, expands footprint

September 19, 2014 2:15 pm ET

Custom molder Exo-s Inc. has bought an injection and blow molding operation in San Juan del Rio, Querétaro, Mexico.    More

Image

Bayer spinning off plastics business

September 18, 2014 8:49 am ET

Bayer AG will spin off its MaterialScience plastics group into a separate, publicly-traded company within the next 12 to 18 months.    More

Image

Kydex, Allen Extruders joined under Sekisui SPI name

September 17, 2014 4:12 pm ET

Sekisui Chemical Co. Ltd. is combining plastic sheet makers Kydex LLC and Allen Extruders LLC under one roof as Sekisui SPI.    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events