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

Thailand's SCG Chemicals buying Norwegian chemical firm Norner

December 19, 2014 9:11 am ET

Thailand's SCG Chemicals Co. Ltd. has announced it has acquired 51 percent of the shares in the independent petrochemical company Norner Holding AS...    More

Image

BASF to sell its share in Singapore JV

December 19, 2014 8:37 am ET

BASF SE has announced that it has reached an agreement for it to sell its share in the 50-50 joint venture ELLBA Eastern, at Jurong Island, Singapore ...    More

Image

Amcor buys Chinese flexible packaging plant

December 18, 2014 1:47 pm ET

Australian-based global packaging company Amcor Ltd. is buying a Chinese flexible packaging business for 211 million RMB (US$31.4 million).    More

Image

Soy-based foam improves window performance, sustainability

December 18, 2014 12:51 pm ET

Launched in April 2013, Madison, Wis.-based WFI Global LLC is making a name in the fenestration market with what it says is a distinct product...    More

Image

Indian auto parts maker set to buy assets in Germany, Mexico

December 18, 2014 10:35 am ET

Indian auto parts maker Samvardhana Motherson Gropup is buying the assets of insolvent German plastics car parts producer Scherer & Trier (S&T).    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

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