The District Court of Noord-Holland declared Crown Van Gelder B.V. bankrupt. The company was forced to file for bankruptcy since it anticipated payment obligation could no longer be met.
The financial problems are a result of a combination of factors. Despite the positive operating result for financial year 2022 and persistent efforts to do so, Crown Van Gelder has not been able to resolve a liquidity shortfall caused mainly by increased costs (especially energy and raw materials) and a sudden drop in orders resulting in unusually long stand still of production. Secondly, the company is uncertain about market developments in the near future.
Crown Van Gelder is a producer of various types of paper for specific applications, such as ice cream packaging, luxury shoppers and high speed Inkjet printers.
