Weekly

Inapa files for insolvency

22 July 2024

Portuguese paper merchant Inapa – Investimentos, Participações e Gestão, S.A. (Inapa IPG) said that it would present the company to insolvency under Portuguese law after its German subsidiary filed for insolvency on 22 July 2024.

The German subsidiary Inapa Deutschland had a short-term cash shortage of €12m, for which no financing solution was found within the period established in accordance with German law, the company explained in a statement.

Despite all efforts made together with credtiors and shareholders, in particular with its largest shareholder, which holds around 45 per cent of the share capital - Parpública – Participações Públicas (SGPS), S.A. – Inapa Deutschland had to file for insolvency on 22 July. Insolvency proceedings of the parent company Inapa IPG were to be formalised in the days after 21 July, the company said.

Inapa offers graphic and office supplies as well as logistics services and is a leading paper distributor in Europe. The segment reports sales of €845m and employs 1089 people. The Packaging division's sales amount to more than €80m, its Visual Communication business reports sales of €42m.

Source: Euwid