Inapa – Investments, Participations and Management announced to the market that its subsidiary Inapa España Paper Distribution yesterday presented itself to the Court of
Madrid Trade (Juzgado de la Mercantil de Madrid) to request an advertisement
Insolvency (voluntary tender request).

This application is a direct result of the Inapa IPG insolvency declaration, which was sent
To the market on July 21 “to the extent that the bankruptcy of the Company determined (among other circumstances having a negative impact on the assets of the subsidiary) the interruption of the supply of paper to the subsidiary, as well as the early maturity of certain asset items “bank credit obtained by the subsidiary and the recognition, in equity, of the impairment of the receivables of the subsidiary Inapa IPG,” the statement said.

Subsidiary Insolvency Process [Inapa España Distribución de Papel] “It will follow the procedures provided for in Spanish legislation,” says Inapa – Investimentos, Participações e Gestão.

Remember that the Sintra Court declared Inapa IPG bankrupt on August 2, and it already has an administrator in charge of handling the company's procedures.

Bruno Costa Pereira has been appointed insolvency administrator of Inapa, which has debts of more than €200 million and has BCP, CGD, Novobanco and BPG as bank creditors.

The list of creditors includes the Central Popular Bank, which Inapa assumes owes it €34.671 million, followed by Novobanco (€15 million), CGD (€6 million), Banco Português de Gestão (€3.25 million) and Santander (€386,000). In the role of financial leasing companies, the Portuguese branches of BMW Bank and Volkswagen Bank are also creditors.

Inapa announced on July 21 that it would file for bankruptcy of its subsidiary in Germany, and thus Inapa IPG in Portugal would enter bankruptcy.