Italy’s Papergroup files for Chapter 11

Italy’s Papergroup has filed for "concordato preventivo in continuità" proceedings, a bankruptcy procedure similar to Chapter 11 in the US. The firm also announced a plan that includes stopping production at its Carraia converting facility, and its transformation into a warehouse, a source at the Italian CGIL trade union confirmed. Papergroup’s San Gennaro mill produces 30,000 mtpy of commercial and consumer tissue paper.