The European paper industry today has launched the reviewed version of its 2050 Roadmap detailing the pathways and investment needed to cut its carbon emissions by 80% while creating 50% more added-value. The Roadmap projects the need for EUR 44 billion more investment — a 40% increase on current levels — to transform industry in Europe and lead the low-carbon bioeconomy by 2050. The Confederation of European Paper Industry (CEPI) pioneered in 2011 the first low-carbon industry Roadmap. It is today the first industry to table a blueprint to bolster industry transformation. Today the industry reaffirms its vision that decarbonisation and growth are mutually compatible and calls for a better alignment of policy, research and financing conditions to boost investment in Europe. click Read More below for additional detail
Following the announcement released on 29 August 2019, Lecta (the “Company”) confirms that an Ad Hoc Group of holders of the 2022 and 2023 Senior Secured Notes (together, the “Notes”) holding a majority of the Notes has formed. The Ad Hoc Group has appointed Houlihan Lokey and Willkie Farr & Gallagher, as financial and legal advisors respectively.
The Company is in constructive dialogue with the Ad Hoc Group. In particular, the Ad Hoc Group and its advisors are exploring with the Company and its advisors, alternatives to (i) strengthen the Company’s balance sheet and allow it to continue its transformation into a specialty paper company, and (ii) provide, to the extent required, incremental liquidity to augment existing working capital financing (including supplier financing and other working capital facilities).
The parties continue to work constructively towards a near-term agreement. In the interim, the Company will continue to operate on a business as usual basis.