The Cologne court has approved the request of the German paper manufacturer, Zanders, to start a self-managed restructuring process of its debt. Zanders has had to make this request because of the high costs relating to its corporate pension obligations and the increase of approximately 40% in the cost of raw materials and energy in the last twelve months. The company had raised prices in response to increasing costs, but was not able to fully offset them. It is considered that a restructuring plan supervised by the court should free the paper manufacturer from some of its financial burdens.