The Sniace’s business career comes to an end, after 80 years of history as one of the chemical companies – specialized in the paper and derivatives manufacturing– best known in Spain. Those responsible anticipated Thursday afternoon at National Securities Market Commission (CNMV) what cease their activity and today they will formally request in the commercial court to process their creditors’ contest for months that proceed to liquidate the group.
In its communication to the stock market regulator – the group was suspended from quotation since Wednesday (each title was then worth just five cents) before the rumors about its future-, the board of directors chaired by Gema Díaz points out that the company has ceased its activity already, as well as its subsidiaries based in Torrelavega (Cantabria): Celltech and Viscocel. The reason given is “the inability to meet the payment commitments arising from the creditors agreement»Of the two companies and the parent company, and even the payroll of the last month.
The next step will be for the court to appoint bankruptcy administrators to “liquidate” the company in an orderly manner with the sale of its assets to the highest bidder, in addition to declaring the anticipated maturity of the credits. The company had renegotiated its bankruptcy debt with various creditors, “which was aimed at the financial and equity consolidation of Sniace as well as the implementation of investment plans.”
27 million lost
During the last months, the company had increased capital by 32.6 million euros with thePortions of the reference shareholders –Sabino García Vallina, president of Asturian engineering TSK, and Felix Revolt, who presides over Naturhouse-, in addition to other industrial investors. Was the fourth injection of own funds to the group, which had allowed it to raise up to 90 million since the 2016 sanitation plan.
“However,” the council explains, “to the drastic drop in cellulose prices ‘dissolving’, of viscose fiber and the sale price of electricity –Your main sources of income–, the notification of Cogen contractual resolution (for the rental of a cogeneration plant) after the new remuneration parameters for energy production ». And all this «It has discouraged the interest of any investor and has truncated the evolution of the actions for financial consolidation of Sniace ». The group has been running losses for four years, with more than 27 million in accumulated ‘red numbers’, although the forecast they managed in their plan was to return to the path of benefits at the end of 2020.