a Inaba ended up not filing for insolvency in the Sintra court on Friday, as expected.Business knows. This is a fact. This comes hours after the Japanese at JPP expressed their readiness to make a binding declaration of their desire to buy Inapa.
This opening was expressed by Japan Pulp & Paper (JPP) during a video conference held by the company’s directors in the early hours of Friday, July 26, as shareholders represent more than 30% of the paper distributor’s capital, the company said this Friday morning.
JPP informed shareholders that it needs time, four to five business days, to formally implement this proposal. To achieve this, it is necessary for Inaba’s management to withdraw its intention to file for insolvency today.
The company’s management, according to information gathered by Negócios, has been informed of these talks and will now have to act accordingly, that is, decide whether to proceed now or postpone the insolvency application. The sale to the Japanese is the only way to save the investment of shareholders, including the state, which through Parpública owns 45% of the company.
Parpública himself will have already been informed of the conversations that took place this morning.
The insolvency filing was announced after a treasury problem at the German subsidiary, which left a debt of €12 million unpaid.
The Inapa management announced on Thursday that it has been offering Parpública, since the beginning of 2020, several alternatives for the capitalization of the company, which always include the other reference shareholders, but on the other side there has always been a “lack of availability” on the part of the holding company that manages the commercial properties of the State.
(News updated at 6:20 p.m.)
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
