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Industry News | Time: Feb 14 2020 5:19PM
Spanish lignin partner Sniace declares intention to apply for liquidation
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The Board of the Sniace Group, Borregaard's partner and supplier of lignin raw material to the jointly owned company LignoTech Ibérica, informed the Madrid Stock Exchange Commission yesterday of its intention to apply for liquidation of the company and its subsidiaries. According to the notice, this is a consequence of the fact that Sniace is unable to fulfil the agreement with its creditors from 2015, which ended the bankruptcy proceedings opened in 2013. Depending on the court decision on the request for liquidation an administrator will be appointed, who will then decide on the further steps. It is currently not known how this development will affect the operation of LignoTech Ibérica.

Source: GlobeNewswire
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