Lack of 12 million in the German branch leads Inapa to insolvency in the next few days – Companies

Inapa will file for insolvency “in the coming days”, the paper distribution company announced this Sunday in a statement sent to the Securities Market Commission (CMVM).

The company details that the decision was taken taking into account the “immediate impacts of the filing for insolvency of Inapa Deutschland”, its German subsidiary.

Inapa Deutschland faced “a lack of treasury short term”, worth 12 million euros, “for which no financing solution was found within the deadline established in accordance with German law.”

The management of Inapa – Investimentos, Participações e Gestão (Inapa IPG) states that it made efforts with creditors and shareholders – in particular Parpública, which holds around 45% of Inapa’s capital – but it was not possible to overcome the lack of liquidity.

Thus, “theconsidering the immediate impacts that the filing for insolvency of Inapa Deutschland will have on Inapa IPG, the Board of Directors of Inapa IPG met and analyzed its financial situation, having concluded that Inapa IP was insolvent and imminent.G, which he decided also submit Inapa IPG for insolvency under Portuguese law, which will be formalized in the next few days”, he concludes.

Founded in 1965, the Inapa group has almost 1,500 employees and operates in 10 countries. The main shareholders are Parpública, with 44.89%, Nova Expressão, with 10%, and Novo Banco, which holds 6.55%.

Inapa’s market capitalization amounts to 15.5 million euros.