A number of bids acquired for textile recycler Renewcell

The corporate’s chapter trustee confirmed final week (28 March) that a number of bids have been submitted for the enterprise and its belongings. The provides will bear a radical evaluation course of, with a ultimate deal anticipated to shut in mid-April.

It comes after the textile innovator filed for chapter on the Stockholm District Court docket in February because it was unable to safe enough financing.

The enterprise, which had received the Drapers Sustainable Style Award for greatest Sustainable Textile Innovation in 2023, launched a strategic evaluation final November after it skilled decrease than anticipated gross sales volumes to fiber producers.

Renewcell has had negotiations with its two largest shareholders, H&M and materials agency Girindus, its present lenders BNP Paribas, European Funding Financial institution, Finnvera, Nordea, AB Svensk Exportkredit, in addition to potential new traders. Nonetheless, it was unable to safe “the required liquidity and capital to make sure its operations going ahead”, the corporate mentioned.

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