Spain-based Lecta has reorganised its business into separate companies covering speciality papers, fine papers, distribution and self-adhesive materials, alongside an ongoing recapitalisation process.

The company said the new structure is intended to give each business a closer focus on its own market segment and operational requirements.

Lecta said the combined reorganisation and recapitalisation would improve the financial position of each entity, allowing for development and investment suited to the characteristics of each business.

The change will be accompanied by the 1 July launch of new websites for Torraspapel, which covers speciality papers; Cartiere del Garda, focused on fine papers; and Adestor self-adhesives.

The company said the new digital platforms would provide access to its range of paper solutions.

Lecta supplies products to publishers, printers, paper merchants and converters in more than 100 countries.

Earlier this year, Lecta and key stakeholders signed a lock-up agreement backing the company’s recapitalisation. The agreement supports Lecta’s debt restructuring plans. 

As part of the process, the company expects to cut its debt by about €400m ($468.4m), which would reduce its net leverage ratio to below 3× on a pro forma basis.

The plan also includes up to €100m in new financing for the specialities unit. In addition, the lock-up agreement gives Lecta access to €20m in interim liquidity from stakeholders while the wider restructuring continues.

Lecta completed the recapitalisation in April.