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

RPC Group buying Iceland's Promens

November 27, 2014 8:46 am ET

In a major acquisition that combines two rigid packaging companies with international footprints, RPC Group plc has signed a 399 million euro ($497...    More

Image

Huhtamäki selling film division

November 26, 2014 2:10 pm ET

Private equity firm Deutsche Beteiligungs AG (DBAG) will acquire the film business of Finland-based plastics packaging group Huhtamäki Oyj for 141...    More

Image

Visteon in talks to sell its stake in Halla Visteon Climate Control JV

November 26, 2014 9:07 am ET

Visteon Corp. confirmed this morning that it is in discussions with a private equity firm to sell its stake in South Korean joint venture Halla...    More

Image

Irish packaging group Smurfit Kappa opens film plant in Spain

November 26, 2014 6:00 am ET

Global packaging group Smurfit Kappa Group plc has responded to growing demand for its bag-in-box liquid container/dispensers by opening a new plant...    More

Image

Deal adds U.K. plant to DelStar

November 25, 2014 12:47 pm ET

Schweitzer-Mauduit International Inc. (SWM) is acquiring certain assets from the advanced wound management division of London-based Smith & Nephew plc...    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

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

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

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

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events