Sirpur Paper in insolvency talks after creditors occupy mill

COLOGNE, Germany, Oct. 27, 2017 (PPI Asia) -India’s Sirpur Paper Mills has formally entered an insolvency resolution process under the country’s bankruptcy laws.

The move suspended the decision-making power of the firm’s board of directors as of late last month.

That formalized a situation that has existed since early this year, when creditor banks took over physical possession of the company’s sole mill.

The site in Sirpur-Kaghaznagar, Andhra Pradesh, has been offline since the last quarter of 2014.

By February 2015, it had registered a total erosion of its own net value with the Indian authorities.

The mill can produce more than 128,000 tonnes/yr of ...

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