Dec 17, 2004. /Lesprom Network/. The Inapa Group has concluded the second phase of its securitisation program, valued at Euro 70 million and part of a 7-year securitisation process with a total amount of Euro 140 million This operation involves the partial sale of trade receivables in four different jurisdictions simultaneously: Portugal, Spain, France and Germany. This transaction, which results in the reduction of liabilities equivalent to the total amount of the operation, was managed by Deutsche Bank, with Millenium BCP acting as joint leader. The Inapa Group is one of the leading paper distributors in Europe, operating in 9 countries. Inapa is a major player in the German, French, Swiss (which position was recently reinforced), Spanish and Portuguese markets.