Papresa Files for Liquidation With Binding Offer for Errenteria Plant

Papresa has entered a voluntary creditors’ contest in the liquidation phase, including a binding offer for the acquisition of its productive unit at its Errenteria plant, according to a court edict issued by the Commercial Court of San Sebastián.

Union representatives confirmed they were notified of the filing but said details of the offer have not yet been disclosed. “What we don't know is what the offer is because we haven't received any more information from the court yet,” a company spokesperson said.

The move follows concerns raised in late March by the company’s works committee regarding the role of the Quantum Fund, which owns the Errenteria facility. Worker representatives had suggested the fund might be hindering an agreement to ensure the plant’s operational continuity and preserve jobs.

Shortly before the filing, representatives of the Cristian Lay Group met with employee representatives to present an industrial plan for the group, including Papresa’s potential role. However, no documentation was provided regarding the possible impact on the workforce if the acquisition were to proceed.

Union sources indicated that the binding offer included in the creditors’ contest could be linked to Cristian Lay, although this has not been officially confirmed. Under Spanish insolvency procedures, a 15-day period is now open for other interested parties to submit competing bids for the productive unit.

Worker representatives described the initiation of formal insolvency proceedings as a step forward in the sale process, noting that it introduces structure where previously there had been uncertainty. They also emphasized that the process may support business continuity, as it is aimed at transferring the productive unit rather than dismantling the company.