Boulogne-Billancourt, 9 January 2019
Rulings of the Commercial Court on the petitions for receivership proceedings filed by Arjowiggins and some of its French subsidiaries
As announced in the press release dated 7 January 2019, Arjowiggins and some of its French subsidiaries have formally filed petitions to open receivership proceedings in their favour.
Following the hearings held on 8 January 2019, the Commercial Court of Nanterre has ordered the opening of the following procedures:
- A Safeguard procedure (Sauvegarde) in favour of Arjowiggins and the French companies Arjowiggins Papers and Arjowiggins Creative Papers.
- A Receivership procedure (Redressement judiciaire) in favour of Arjowiggins Papiers Couchés, Arjowiggins Le Bourray, Greenfield and Arjowiggins Rives.
Under the aegis of the Administrators appointed by the Commercial Court, the Safeguard or Receivership procedure will help support the measures undertaken to find buyers for the various businesses of Arjowiggins and preserve the interests of its employees, customers, suppliers and stakeholders.
Sequana will request that the trading of its shares on Euronext resume on 10 January 2019.
Sequana (Euronext Paris: SEQ) reported sales of €2.8 billion in 2017 through:
- Antalis: leader in B2B distribution of Papers and industrial Packaging and number two in the distribution of Visual Communication media in Europe with around 5,500 employees based in 41 countries.
- Arjowiggins: manufacturer of recycled and specialty papers, with around 2,300 employees.
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