February 11, 2019 / 8:44 AM / 6 months ago

Airopack seeks court protection as lenders demand re-payment

ZURICH, Feb 11 (Reuters) - Airopack is ditching a recapitalisation plan as lenders demand repayment, the Swiss packaging maker said on Monday, adding it has discovered “inadequate sales and accounting practices” that require corrections.

“The board of directors of Airopack decided to request the opening of a provisional composition moratorium... to allow Airopack, under the supervision of a court-appointed administrator, to continue its efforts in view of reaching a solution in the best interest of the company and its stakeholders,” Airopack said. (Reporting by John Miller; editing by Brenna Hughes Neghaiwi)

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