Gowling WLG advises Green Elephant Holding SA on acquisition of insolvent paper mill

With the assistance of new Gowling WLG corporate Partner, Dr Andreas Woelfle, Green Elephant Holding SA, Bech-Kleinmacher (Luxembourg) has successfully acquired the former Norske Skog paper mill in Duisburg-Walsum.

Dr Andreas Woelfle provided Green Elephant with comprehensive legal advice, led the negotiations and was also responsible for managing and coordinating the advisory team behind the deal. The team comprised specialists from Gowling WLG, Menold Bezler and PKF Fasselt Schlage, who advised the team in energy, tax and finance issues.

The paper mill business was acquired from the insolvency administrator of Walsum Papier GmbH, and will continue operations of this historic company at the Duisburg site. Andreas Woelfle said "While there were several prospective investors, Green Elephant were the successful candidate. Plans are already underway to return Papierfabrik Walsum GmbH's second paper machine to operation, together with the introduction of a new paper quality in 2017".

Located directly by the River Rhine, the Walsum plant is one of the leading providers of white-coated corrugated board with more than260 employees with annual production volumes of more than 200,000 tons.

Green Elephant Holding specialises in the acquisition and restructuring of energy-intensive companies in difficult circumstances and is active in North America and Europe.