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Wed, May 22, 2019 23:51
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Management Side
Paper maker Sequana, owner of Arjowiggins, put into liquidation

ENGLAND (From news reports) -- The group Sequana, owner of the paper maker Arjowiggins of which one of the Sarthe facilities was liquidated and the other partially yielded, announced Wednesday to have been placed in judicial liquidation by the commercial court of Nanterre.

This decision "results from the impossibility for Sequana, following the judgment of the London Court of Appeal in the dispute with the BAT Industries group, to present a recovery plan to clear the liabilities it must take into account," the group said in a statement.

The British court sentenced Sequana in early February to pay BAT a disputed dividend of 135 million euros. Sequana employed 7,800 employees at the end of 2017, including 2,300 at its subsidiary Arjowiggins and 5,200 at the Antalis branch, which specializes in the distribution of industrial paper and packaging, according to its website.

No one was reachable at Sequana to specify the number of employees affected by the liquidation, Antalis having also indicated his quest for new shareholders to save his business. For its part, the Commercial Court of Nanterre has already pronounced on March 29 the judicial liquidation of the Arjowiggins Papiers Couches factory in Bessé-sur-Braye and the partial sale of the Bourray factory, causing the dismissal of some 800 employees.

"Most companies in the Arjowiggins Group have been the subject of insolvency proceedings, Sequana is not in a position to meet the commitments made in their favor or to finance their operations and litigation costs any longer," said the French group.

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