A report indicated that an addendum was proposed today to offer creditors a concrete solution for the future of Inapa in Portugal. This solution involves selling the project to a national investor, which will ensure the project’s continuity.
The creditors are expected to approve the proposed solution, which addresses the issues surrounding Inapa, allowing the group to continue operations as normal.
According to the court ruling published on Citius in February, a creditors’ meeting to review the insolvency report by the administrator is scheduled for April 1 at 10:30 AM (Tuesday). During this meeting, an insolvency plan could be approved, aimed at the payment of insolvency debts, liquidation of assets, and their distribution among creditors and the debtor.
The insolvency plan can be proposed by the insolvency administrator, the debtor, any party responsible for the insolvency debts, or any creditor or group of creditors representing one-fifth of the total amount of recognized unsecured credits in the credit ranking decision.
In July of the previous year, Inapa IPG, the holding company, announced insolvency due to a “short-term cash shortage” in its subsidiary Inapa Deutschland GmbH amounting to 12 million euros, for which no solution was found.
Founded in 1965, Inapa is the market leader in Portugal for paper and packaging distribution. Its main shareholder is the state-owned company Parpública, holding 44.89% of the share capital.
In August, the Finance Ministry dismissed the Parpública administration, led by José Realinho de Matos, appointing Joaquim Cadete as his successor. This change was justified by a more reactive than preventive approach by the administration and a lack of timely information to the ministry, according to Jornal de Negócios.
