Dutch specialty paper producer Crown Van Gelder (CVG) Crown Van Gelder was declared bankrupt by the District Court of Noord-Holland. The court opened insolvency proceedings on 23 January.
The company is a manufacturer of paper for applications such as ice cream packaging, luxury shopping bags and high-speed inkjet printers. It owns two paper machines in its Velsen factory and reports that it sells 90% of its paper to customers outside the Netherlands. Its financial difficulties were partly attributed to high energy and raw material costs. In fact, despite a positive operating result for the financial year 2022, Crown Van Gelder was not able to solve a liquidity shortage caused by rising costs, especially those of energy and raw materials, and a robust decrease in orders that caused a long-term halt in production. Thus, the company filed for bankruptcy precisely because it was not sure it could meet its payment obligations.
The board of directors and insolvency administrators of Pot Jonker Advocaten and Schenkeveld Advocaten, respectively, are in the process of deliberating with various interested parties on the continuation of the mill’s activities in the future.