Prague (MOREL)- The critical phase of the restructuring of the Slovenian paper mill Vipap Videm Krško is coming to a successful end and the company is currently resuming production. One of the largest manufacturing companies in Slovenia, Vipap Videm Krško paper mills, is now entering a crucial part of the compulsory settlement process with its creditors and starting production of products for the pre-Christmas market.
The success of the formal completion of the process depends on the approval of the plan by the secured creditors and the decision of the Municipal Court of Krško. The proceedings, initiated in September at the request of the mill's largest secured creditor, the Czech company VIPAP CZ, have allowed Vipap Videm Krško to go through debt restructuring and a review of operating costs and to prepare to resume production with a new product portfolio. The recovered company will now focus primarily on the production of packaging materials, which is a highly promising area due, among other things, to the long-term increasing demand for environmentally friendly products across segments. The compulsory settlement proceedings have been conducted in coordination with Vipap Videm Krško's new crisis management, headed by the paper mills' chairman of the board, Milena Resnik. In addition, the renewed management continues to have the full support of the investors under the company Vipap Holding umbrella, which was the sole shareholder of the mill prior to the restructuring. The investor group has supported the Vipap Videm Krško company for a long time and is convinced that the paper mill can embark on a path of long-term competitiveness and prosperity once the restructuring is completed and production resumes. The investors’ representatives are striving for maximum cooperation with all the involved parties and expect a successful resumption of production at Vipap Videm Krško in the first days of December. (ends)