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 ...