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  • 11 Oct 2018

Local city acquires Zanders site as insolvency proceedings continue

Zanders site in Germany has been sold to the city of Bergisch Gladbach as talks with potential investors continue to resolve insolvency proceedings; picture taken from Google Maps

Zanders' site in Germany has been sold to the city of Bergisch Gladbach as talks with potential investors continue to resolve insolvency proceedings.

In a statement, the company noted that exploratory talks with potential investors regarding the acquisition of Zanders are entering a ‘decisive phase’. A conclusion is expected in November. Business operations continue unrestricted.

The purchase of the core area of Zanders by the city of Bergisch Gladbach was approved by the city council on October 9. The city had already acquired the open space and buildings on the Gohrsmuehle around the core production area in 2017. The entire site of around 320,000 sq m will thus in the hands of the city in the future, meaning it can implement a long-term, reasonable concept for securing the location. This is coordinated with the city’s mayor, Lutz Urbach, and the insolvency administrator Dr Marc d'Avoine. 

The move lays the foundation for long-term continuance of paper production at the site.

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