"Multiple" offers were received for the insolvent Swedish textile fibre recycler Renewcell prior to the submission deadline on 28 March. The offers would undergo a thorough review process, the company said after bidding closed. A decision is expected in mid-April.
The Swedish recycling company initiated insolvency proceedings with the Stockholm District Court, which approved the application and declared the company bankrupt on 27 February. Lars-Henrik Andersson at the law firm Cirio Advokatbyrå was appointed bankruptcy trustee. Prior to the filing, negotiations with the company's two largest shareholders, H&M and Girindus and existing and potential lenders had failed to produce a long-term solution for Renewcell's financial difficulties.
The company developed a technology to recycle cotton and cellulosic textile waste and supply the fibre back to the textile industry, opening a demonstration plant in Kristinehamn, Sweden in 2017. It later established commercial-scale operations in Sundsvall, at SCA's former publication paper production plant at the Ortviken industrial site.
