Fjord Paper

Type
Bankruptcy
Country
Germany
Region
Schleswig-Holstein; Schleswig-Holstein; Flensburg, Kreisfreie Stadt
Location of affected unit(s)
Flensburg
Sector
Manufacturing
(16 - 17) Manufacture of wood and paper materials
16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
200 jobs
Number of planned job losses
Job loss
Announcement Date
18 December 2024
Employment effect (start)
Foreseen end date
30 April 2025

Description

Already in October 2024, paper manufacturer Fjord Paper filed for preliminary insolvency. By mid-December 2024, it became clear that no investors could be interested in taking over the company. The insolvency proceedings administrator announced that the company will negotiate a social plan with the works council at the beginning of 2024. However, the company company will shut down its paper production at the Flensburg site completely and all jobs will be lost. The 200 employees affected by the company's bankruptcy will lose their jobs by the end of April 2024. Employees' wages are secured until the end of April 2025.

Sources

Citation

Eurofound (2024), Fjord Paper, Bankruptcy in Germany, factsheet number 202123, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202123.