Nylstar’s parent company plans new fashion group
15/10/2014
Montefibre went into administration in August 2013 owing creditors a reported €30 million in debts. Praedium announced that it had reached an agreement to take over a 90% stake in the fibre producer in April 2014, saying it hoped to reach an agreement with creditors in the summer and to have production at the Montefibre plant up and running again by September.
Reports say the delay is down to reluctance on the part of the biggest creditor, energy firm Endesa, to accept the payment terms on offer. This has now been resolved and Praedium will now pay back around 40% of the money owed, but will take seven years to do so and will pay nothing for three years.
There are suggestions that a new Nylstar Fashion Group will encompass fashion brands, product manufacture, logistics and retail.
In a statement, Praedium’s president, Alfonso Cirera, said: “What we want is to set out a long-term, sustainable project for Montefibre. Key to its future are its Leacril acrylic fibre brand, a strong marketing strategy and a focus on value-added products. We at Praedium do not lack the experience or the desire to bring this project to fruition.”
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