In a significant move, Japan Pulp and Paper Co. (JPP) has successfully acquired the paper business of the insolvent Portuguese distributor Inapa for €25 million. This transaction marks a crucial step for Inapa, which has been navigating financial difficulties since declaring insolvency on July 29, 2024.
The contract for the acquisition was signed recently, with the sale price set at €25 million. However, this amount may be adjusted if any funds or assets are transferred from the target companies to Inapa or related parties before the transaction is finalized.
Inapa’s financial troubles led to its insolvency declaration earlier this year. The company has been actively seeking to divest non-core assets to stabilize its operations. On September 27, 2024, creditors granted a 30-day exclusive negotiation period with JPP, which resulted in overwhelming support for the sale, with only one dissenting vote.
In addition to the sale to JPP, Inapa also finalized the sale of its subsidiary Inapa Packaging SAS to French firm Next Pack SAS for €20 million. This transaction was executed through Europackaging, another subsidiary of Inapa IPG, and included the indirect sale of several other companies.
As part of the restructuring process, Inapa’s shares will be delisted from Euronext Lisbon effective October 29, 2024, following its insolvency declaration. This delisting reflects the company’s ongoing efforts to streamline operations and focus on its core business areas.
