Plant struggles amid financial woes French containerboard mill Papeterie Saint-Michel has found itself in receivership due to the plant’s long-term financial trouble.
Under French law, by being placed in receivership, the mill is covered by a court-appointed solution that can allow to assist creditors to recover funds in default, and potentially help troubled company Papeterie Saint-Michel avoid bankruptcy.
The rising costs of energy and decreasing paper prices are behind the mill’s financial woes, putting 64 jobs at risk, according to the information obtained by local news site CharenteLibre.fr.
Papeterie Saint-Michel is part of French industrial group Thiollet.