Consumables
Favini moving forward on recovery plan
Monday 13. October 2008 - The creditors of Favini Spa (in liquidazione) voted 72.2% in favour of the "Concordato Preventivo", the Italian agreement with the creditors, opening the way to a positive conclusion of the Liquidation.
A final decision could be already taken by the Court in Bassano during November. Such decision would complete the process of the transfer of assets to the new Favini Srl, who took over the business from the company in liquidation in May 2008.
Favini Srl is owned by Orlando Italy, a turn-around fund, which controls 60% of the company equity, and Vepafer as minority financial shareholder.
Favini is an important independent specialist paper manufacturer, with a strong financial position. Favini has traded profitably in the last months; it is a world leader in industrial release paper and has an important market position in speciality fine paper. To support and deepen Favinis own long term future, a new 3 year industrial and commercial plan was recently approved. Implementation of the plan has begun.
Today Favini is based on two Italian mills (near Venice and Milan), operating in the speciality fine paper and industrial release paper markets, plus a converting plant producing office and school articles. The two mills employ about 450 people.