Fjord Paper in Flensburg files for insolvency
The Fjord Paper factory in Flensburg has filed for insolvency. The company employs 207 staff, whose salaries are secured until December through insolvency benefits.
The Fjord Paper factory in Flensburg has filed for insolvency. The plant currently employs 207 staff, and their salaries are secured until December through insolvency benefits, according to preliminary insolvency administrator Hans-Peter Rechel.
Reasons cited for the insolvency include the difficult situation in the paper market and increased energy costs. Just over a year ago, Mitsubishi Paper Mills sold the factory to the financial investor Quantum Capital Partners (QCP). Even then, the company was facing financial difficulties.
The preliminary insolvency administrator has not yet commented on the further course of the proceedings. Fjord Paper was previously owned by Mitsubishi Paper Mills, which sold the factory to a financial investor.