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

Inteplast expands in corrugated sheet with Coroplast deal

August 21, 2014 5:28 pm ET

Packaging major Inteplast Group has acquired its main competitor in corrugated plastic sheet, Coroplast Inc. Inteplast gets corrugated sheet plants...    More

Image

NanoHolding, Applied Nanotech merge to form PEN Inc.

August 21, 2014 4:44 pm ET

Nanotechnology firms NanoHolding Inc. and Applied Nanotech Holdings Inc. are merging to create PEN Inc., a publicly held firm whose product mix will...    More

Image

Report predicts growth for flexible packaging

August 21, 2014 12:34 pm ET

Flexible packaging in the United States grew last year and is expected to continue to grow this year, according to a new report by the Flexible...    More

Image

German injection molders Metz-Werke and Inotech to collaborate

August 21, 2014 11:47 am ET

German injection molding companies Metz-Werke GmbH & Co. KG and Inotech Kunststofftechnik GmbH have announced that they have joined forces to bring...    More

Image

German firms combine hybrid part expertise

August 21, 2014 11:18 am ET

L. Possehl & Co.'s acquisition of TPS Technical Plastic Systems GmbH will bring together companies which specialize in the manufacture of hybrid plast...    More

Market Reports

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

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

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

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

More Events