Union sources have confirmed that the company committee received this notification from the Commercial Court of San Sebastián on Thursday. However, they do not yet have details of the offer, awaiting further information from the court.
“"What we don't know is what the offer is because we haven't received any more information from the court yet."
This voluntary creditors' contest comes after the company committee expressed suspicions in late March that the Quantum fund, owner of the Errenteria factory, might be "blocking any agreement" for the continuity of the industrial project and the maintenance of employment.
Just a few days prior, representatives of the Cristian Lay (CL) group had met with workers' representatives to present their global industrial project for the entire group and how Papresa would fit into it. However, documents regarding the potential impact on the workforce from a possible acquisition of the plant by CL were not presented at that meeting.
Sources from the company committee now suspect that the binding purchase offer made in the contest corresponds to Cristian Lay. Nevertheless, they have warned that, following the contest's presentation, there is a fifteen-day period for other interested parties to submit new acquisition offers.
The declaration of a voluntary creditors' contest means that "at least official steps are being taken" in the company's sale process, where previously there was "nothing." Workers' representatives believe this new phase could be "good news" because there is "continuity" in the company, as it is not "a contest that closes and then the company is sold off in parts."
