Lisbon, July 22, 2024 (Lusa) - Portugal's Securities MarketS Commission (CMVM) on Monday ordered the suspension of trading in the shares of Inapa-Investimentos, Participações e Gestão, SA (Inapa IPG), Portugal's leading paper and packaging distributor, after it announced its intention to file for insolvency and its top officials resigned.
In a statement published on the CMVM website, the company - whose largest shareholder is the Portuguese state, with a 45% stake - announced that the chairman of the board of directors, who is also chief chairman of the executive committee, Frederico João de Moser Lupi, has submitted his resignation to the chairman of the oversight committee. Several members of the board of directors also tendered their resignations.
On Sunday, the group had informed the CMVM that it would file for insolvency "in the next few days" due to problems in Germany.
The reason for the move given in the communication to the CMVM is "a short-term cash shortfall" of €12 million, for which no "financing solution has been found within the period established in accordance with German law."
In view of the "immediate impact that the presentation of Inapa Deutschland for insolvency will have on Inapa IPG, the Board of Directors of Inapa IPG met and analysed its financial situation, concluding that the insolvency of Inapa IPG was consequent and imminent" and decided to "present Inapa IPG for insolvency under Portuguese law, which will be formalised in the coming days," said the group.
Inapa IPG claims in the statement that the management made "every effort in a timely manner" with creditors and shareholders, in particular the largest shareholder, state holding company Parpública - Participações Públicas, to avoid the insolvency of the German subsidiary.
DD/ARO // ARO.
Lusa