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La Seda de Barcelona in talks with banks

By: By Richard Higgs
EUROPEAN PLASTICS NEWS

February 13, 2013

BARCELONA, SPAIN -- Leading PET producer La Seda de Barcelona has confirmed that it recently began negotiating the restructuring of the company's debt.

Responding to reports last week in the financial press, the group based in Barcelona, Spain said in a stock market statement it is in talks with banks coordinating its syndicated loan and with its creditors on the refinancing options.

The group said that no agreement has yet been reached but any decision would have to be approved by both its creditors and shareholders.

"Once a formal and binding agreement on any of the referred refinancing alternatives has been reached, the company will duly inform the market," La Seda said.

Meanwhile, a report in the Spanish financial daily Expansión said that an American investment fund, Anchorage Capital Group has become the group's chief creditor after buying debt of around €100 million, taking on 40 percent of La Seda's syndicated credit.