Producer of textile waste dissolving pulp Circulose, Renewcell, is to file for bankruptcy. It said it had not been able to secure sufficient financing to continue.

Renewcell launched a strategic review in November and said it had gone to an advanced stage in negotiations with its two largest shareholders, fashion group H&M and investment company Girindus, and with existing lenders BNP Paribas, the European Investment Bank, Finnvera, Nordea and AB Svensk Exportkredit.

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