Three Sequana paper mills placed in receivership, 900 jobs threatened

The Arjowiggins paper mill (Sequana group) in Bessé-sur-Braye. - Google street view

Three production sites of the French paper maker Sequana were placed in receivership procedure for 900 jobs, said Wednesday the group. Sequana announced on Monday that it has initiated proceedings against several entities of its paper manufacturing subsidiary
Arjowiggins, after the failure at the end of December of the sale of these activities to a Dutch group.

Following this request, the Nanterre Commercial Court opened a safeguard procedure on Tuesday concerning the subsidiary Arjowiggins and its entities Arjowiggins Papers and Arjowiggins Creative Papers. At the same time, the court opened a bankruptcy proceeding for companies Arjowiggins Coated Papers, Arjowiggins Le Bourray and Greenfield and Arjowiggins Rives, detailed Sequana.

Three factories in Sarthe and Aisne

As expected in the announcement on Monday, the bankruptcy concerns plants Bessé-sur-Braye (568 people) and Le Bourray (262 people) in the Sarthe, and recycled pulp mill Greenfield (76 people) in Château-Thierry, in the Aisne.

The placement in safeguard and receivership will allow, under the aegis of the judicial administrators, to "support the steps that will be taken to find buyers," according to the group. The group adds that it will request the resumption of the listing of its shares on Euronext, from Thursday.