Paper mills

Cartiere Pigna in composition with creditors under the industrial supervision of the German Bavaria Industries Group

Last September the Italian Cartiere Paolo Pigna applied for composition proceedings aimed at continuing operations before the Court of Bergamo. At the end of January, the competent court authorized Cartiere Pigna to start the composition proceedings enabling the company to continue its operations under the supervision of an external administrator and restructure its debt towards creditors through the implementation of a new industrial plan. Cartiere Pigna is currently supported by the German Bavaria Industries Group, which in a press release issued at the middle of December 2015 announced that its subsidiary Arti Group is ready to acquire the control of the capital of Cartiere Pigna and thus start production and distribution synergies. Arti Group will support Cartiere Pigna as an external advisor until the Court of Bergamo gives the final greenlight to the new industrial plan.

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