Bad news for customers and employees: The Flensburg paper factory Fjord Paper is insolvent. The company had already fallen into a financial crisis a year ago.
The Flensburg paper factory Fjord Paper is insolvent. This is reported by NDR, citing the provisional insolvency administrator Hans-Peter Rechel. According to him, the company recently submitted a corresponding application.
Only around a year ago, the previous owner, Mitsubishi Paper Mills, sold the factory to the financial investor Quantum Capital Partners. The paper mill was already experiencing financial difficulties at that time.
According to NDR, the reasons for the current insolvency are the difficult situation on the paper market and the increased energy costs. The company’s current 207 employees will receive insolvency benefits from the Federal Employment Agency until December. The provisional insolvency administrator has not yet commented on the future of the company.
According to its own information, Fjord Paper produces 35,000 tons of paper every year on a 106,000 square meter factory site. The company focuses on special paper: thermal, inkjet or barrier paper.