Zanders insolvency administrator, Marc d’Avoine, has drawn a positive interim assessment of the current investor process for the traditional paper manufacturer.
He said: “We are making good progress with the exploratory talks with interested parties, and a large number of contacts have already resulted in several concrete discussions. So we remain optimistic that we will have a conclusion by the end of this year.”
The insolvency team around d’Avoine, with support from KPMG, had addressed both financial and strategic investors worldwide in the last weeks. According to d’Avoine, the due diligence phase already started with selected interested parties from both groups, management meetings and site visits are currently conducted.
At the same time, the restructuring of Zanders is being driven forward: efficiency enhancements have already been achieved in production; the sales department was able to keep all important customers, in some cases even expanding the order volumes and additionally gaining new customers. “Overall, Zanders is on the right path,” added d’Avoine.
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