The good times clearly are over at Italian film manufacturer Nuova Pansac (Mantova; www.nuovapansac.com). During talks at the ministry of economic development in Rome, company CEO Fabio Gandolfi on 27 September submitted a revised restructuring plan that entails the creation of a new company whose debts largely will be written off, Italian media report. This option is meant to prevent insolvency. The plan has met the approval of banks and shareholders but still needs to be approved by Milan’s civil court.

The plan intends that the new Pansac International will absorb the existing production facilities and workforce, with the debt of EUR 244m largely dumped on the existing holding company. If the plan meets the approval of Milan’s judges, Nuova Pansac can expect a loan of EUR 45m to sweeten its relaunch.

The fact that the normally rather irate unions have given the restructuring their blessing is all the more astonishing given that the company’s plants in Portogruaro and Ravenna, with a total workforce of 320, have been earmarked for closure. The same fate is to befall the administrative offices in Milan and Mantova. All that will remain post-restructuring are the plants in Mira (Personal Care products), Zingonia (Film for food applications) and Marghera (miscellaneous products).

It is highly likely that the unions reluctantly agreed to the plan, especially given the fact that in its first incarnation, the plan had foreseen a slashing of 500 of the company’s 800 jobs – see Plasteurope.com of 10.06.2010 – an announcement that prompted many angry protests.