Crown Van Gelder, The Netherlands, had filed for bankruptcy due to increased energy and raw material costs, sudden drop in demand, and long production standstill, with the District Court of Noord-Holland, which has been accepted.
February 24, 2023
Crown Van Gelder, Netherland-based specialty paper producer, has been marked bankrupt by the District Court of Noord-Holland. Although the company generated positive operating profits in 2021 and 2022, a combination of factors, including continually rising energy and raw materials costs, have resulted in its inability to meet the payment obligations in 2023.
Crown Van Gelder’s paper mill, established in 1896 in Velsen-Noord, the Dutch province of North Holland, has two paper machines for the production of specialty papers, for food packaging and luxury shopping bags, and various grades of inkjet paper, including globally acclaimed Crown Letsgo and sugar beet paper Crown Native, over 90 percent of which are exported outside The Netherlands.
The energy and raw materials cost increase along with a sudden drop in orders has resulted in an unusually long standstill of production and liquidity shortfall. Moreover, future market developments for the company are also uncertain.
Mr. R. Mulder LLM, Pot Jonker Advocaten, and Mr. A.H.J. Dunselman LLM, Schenkeveld Advocaten, managing board, and bankruptcy trustees, are trying to deliberate conversations with varying interested parties to work out a future for the company.