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

Brown signs California's plastic bag ban into law

September 30, 2014 1:38 pm ET

Gov. Jerry Brown (D) made it official today: plastic bags are banned across the entire state of California.    More

Image

Teens put a cap on watery ketchup

September 30, 2014 1:57 pm ET

Whether you spell it ketchup or catsup, use it on burgers or fries, or prefer Heinz or Hunt's, there is one universal problem for the ages: That...    More

Image

RJG buys UK training group G&A

September 30, 2014 11:10 am ET

G&A Moulding Technology Ltd., a United Kingdom-based training and consultancy group, has been bought by RJG Inc., the U.S.-based training business.    More

Image

Amcor planning more growth in Asia

September 30, 2014 10:24 am ET

Flexible packaging firm Amcor Ltd. is rapidly expanding its presence in the Asian market. The company's top official in the region said it will soon...    More

Image

Uflex to build large flexible packaging plant in western India

September 30, 2014 10:01 am ET

Flexible packaging company Uflex Ltd. is planning a major new plant in the western Indian state of Gujarat.    More

Market Reports

Plastics in Mexico - State of the Industry Report

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

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

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

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

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

More Events