The Netherlands-based papermaker, best known for its Crown Letsgo range of high-speed inkjet papers, filed for bankruptcy last week after running out of cash. 

Printweek understands there has been considerable interest from potential buyers, who have been visiting the site and liaising with the bankruptcy trustees and CVG’s board this week. 

A source close to the situation said they were hopeful for a speedy resolution: “For the time being the [paper] machines are not running but hopefully we can be up and running again soon – this is a very good company and we will restart.”

Despite strong sales and turning a profit in 2022, CVG’s financial position was hit by input cost increases, particularly raw materials and gas, and a sudden drop in orders for some of its products.

Apart from specialist papers for inkjet printing, its other products include Crown Native sugar beet paper, papers for offset printing including publishing and direct mail, and for flexible packaging applications such as laminated multilayer products. 

Papermaking at CVG’s Velsen site dates back to 1896. Production capacity is around 180,000tpa.