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CREDITOR COMPETITION
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Agreement in Papresa; subrogation of 80% of workers and wage freeze

The agreement reached between the workers' representatives and the CL Group will make it possible to carry out the sale of the Errenteria trash can, with a subrogation of more than 72% of the initial proposal and, in return, a wage freeze and an increase in working hours for two years has been approved.

(Foto de ARCHIVO)

Papresa en Errenteria



REMITIDA / HANDOUT por PAPRESA

Fotografía remitida a medios de comunicación exclusivamente para ilustrar la noticia a la que hace referencia la imagen, y citando la procedencia de la imagen en la firma

11/5/2018

The industrial group Grupo Cristian Lay and representatives ofthe workers of Papresa  de Errenteria have concluded this Monday at noon the agreement , which will allow the sale of the company of Errenteria to materialize and maintain its activity. 

The agreement concluded with the Extreme-Colombianconglomerate has three key points :

-        166 workers subrogation, that is 80% of the staff

-        Wage freezingfor two years

-        Increase the working week from 35 hours to 37.5 hours for two years

The agreement reached is not yet final. The judge in charge of the company's insolvency proceedings must rule on it. Sources from the company have clarified that by the end of this week the judge could dismiss his decision on the CL purchase offer.

The CL Group has been the only investor to submit an offer to buy the Errenteria trash can that entered into a creditor competition in April. The initial proposal was to maintain 72% of the workforce (148 employees) and maintain both production lines (newspaper paper and packing cardboard), with an offer of 39.3 million euros

Last April 23rd, the Rentería trash can entered the voluntary creditor competition in the liquidation phase, but since January the rumours of an ERE and the sale of one of the two lineshave been notorious.

Once in competition, Cristian Lay made a binding purchase proposal and pledged to maintain the operation during the process.

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