The outgoing management of Inapa claims that there was an investor interested in the company. In a farewell letter sent to employees, to which El Observador had access, the interest “on the part of a global reference company in our sector” in positioning itself as a strategic partner of the paper distributor is mentioned.
In the letter, Frederico Lupi indicates that a work schedule had been planned “that would result in the acquisition of the group in the second half of 2024”. Without naming the buyer, the CEO adds that this is the “only expression of interest ever presented for the acquisition of the share capital of the group and, therefore, of a global player in the sector”.
The director once again points the finger at Parpública, the public company that was the largest shareholder of Inapa, which he accuses of “lack of support during these years to make debt restructuring viable.” And he highlights the more than 50 contacts made with the main public shareholder between 2020 and 2023, “between phone calls, emails and meetings, seeking a long-term solution that would allow Inapa to establish itself as a European leader in the distribution of solid and profitable paper.” As El Observador had already revealed, a 2022 order from the former Secretary of State for Finance had ordered Parpública not to make transfers to Inapa.
Inapa. The socialist government also rejected a request for funds from Parpública because it was only state money
Last week, Inapa filed for bankruptcy after failing to prevent the default of its German subsidiary, its main operation, which forced it to declare bankruptcy in Germany, precipitating the fall of the entire group. This situation occurs after Parpública (supported by the Ministry of Finance) refused to provide financial support, which Frederico Lupi now clarifies would be temporary (three months) and remunerated at the market interest rate.
This loan, he added, was guaranteed by alternative sources of financing “supported, in particular, by proposals for the acquisition of companies in our portfolio in different geographies, processable in the fourth quarter, which were communicated and explained in detail to Parpública.”
Correcting data provided by the Ministry of Finance, which refers to an urgent request for support of 12 million euros for Parpública, the outgoing management of Inapa says that it would be 8.5 million euros of loan, proportional to the participation of the state holding in the company. 44.5%. The manager affirms that this short-term solution “deserves the express support of the private shareholders Novo Banco and Nova Expressão, which we highlight and thank”.
The solution also had the support of creditors who accepted a “very significant reduction, of around 80%.” The CEO of BCP, which is Inapa’s largest creditor, declined to comment on the company’s specific situation, but Miguel Maya said the bank was available to support viable companies with financing problems.
Inapa. BCP does not comment on the State’s refusal, but always seeks to “enable viable companies”
“Unfortunately, once again, Parpública lacked support for the implementation of a fair solution already supported by private shareholders, which would have avoided insolvency in Germany and the immediate and inevitable contagion of Inapa IPG and the entire group.”
Parpública, in this letter to employees, points out, “was also warned that the sudden, but avoidable, insolvency of Inapa would directly impact 1,400 workers, of which more than 200 are in Portugal, in addition to making it difficult for the global paper distribution group, which is under discussion, to acquire Inapa.”
The administration headed by Filipe Lupi resigned on the day that Parpública’s refusal to grant financing became known and will now be replaced by the judicial officer appointed by the court, Bruno Costa Pereira. The value of the group will now “always be lower than the value it had before, not to mention the jobs, the partners and the other interested parties”, which represents “a massive destruction of value that was falsely avoidable”.
The state holding company has so far remained silent on the Inapa issue, only prompting a clarification from the Ministry of Finance.
The Treasury fails to inject 12 million euros into Inapa because the operation was not viable and the company has no strategic activity for Portugal
Source: Observadora
