Lisgráfica enters insolvency proceedings

Lisgráfica announced on Friday that "the closure was fixed" of the company's special revitalization process, which began in June 2017, and created the "insolvency proceedings" of the printing business.

In a statement to the commission for the market for securities markets (CMVM), Lisgráfica said that "the court of the West Lisbon / Trade Court of Sintra – court 1 of the process to terminate the process has been notified and the duties of terminate the administrator, provisional judicial review, on the basis of which the termination, by refusal of homologation, of the special revitalization process of Lisgráfica, initiated on 27 June 2017, was established. "

It was also determined "the establishment of insolvency proceedings, according to the provisions of the insolvency law and the recovery of companies", concluded the graph.

In June 2017, the company presented a new Special Revitalization Plan (PER), with the aim of rescheduling the liabilities, which were approved by the creditors on 20 December 2017 and ratified on 19 February 2018, the company advances in its report and accounts for the past year.

On April 13, 2018, and after an appeal filed by some creditors, the court rejected the homologue award and set a deadline for a new PER vote from Lisgráfica.

This situation was not unprecedented, because by the end of 2012 the company had also joined a PER to re-settle debts with creditors and prevent bankruptcy.

In May 2013, the creditors approved the Lisgráfica feasibility plan, which envisaged a restructuring of the company's obligations and provided for a re-sizing.

Last year, Lisgráfica reported losses of 1.9 million euros, "a significant improvement on 2016" when it had a loss of 3.9 million euros.

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