La Seda de Barcelona in talks with banks

By Richard Higgs
EUROPEAN PLASTICS NEWS

Published: February 13, 2013 12:36 pm ET
Updated: February 13, 2013 12:39 pm ET

Related to this story

Topics Materials, Materials Suppliers

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.


Comments

La Seda de Barcelona in talks with banks

By Richard Higgs
EUROPEAN PLASTICS NEWS

Published: February 13, 2013 12:36 pm ET
Updated: February 13, 2013 12:39 pm ET

Post Your Comments


Back to story


More stories

Image

Akro-Plastic buying German subsidiary from Metabolix

October 24, 2014 3:32 pm ET

Akro-Plastic GmbH, a Niederzissen, Germany-based plastic compounder, has purchased the assets of Metabolix Inc.'s subsidiary in Germany.    More

Image

BASF pre-tax earnings rise, but will miss financial targets for 2015

October 24, 2014 10:16 am ET

BASF SE has raised its expectations for pre-tax earnings in 2014 but warned that it would not hit its financial targets for next year.    More

Image

Sabic, Shell cancel expansion for SADAF joint venture in Saudi Arabia

October 24, 2014 9:19 am ET

Saudi Basic Industries Corp. and Royal Dutch Shell have cancelled plans to expand an existing petrochemical joint venture in Saudi Arabia following...    More

Image

Sadara CEO says Middle East now has 20 percent of global ethylene capacity

October 24, 2014 9:33 am ET

Sadara CEO Ziad Al-Labban claims that the Middle East's ethylene capacity is now 20 percent of global production.    More

Image

PolyOne increases quarterly profits despite falling sales

October 23, 2014 4:55 pm ET

North American compounding leader PolyOne Corp. saw its third-quarter profit increase, even as sales fell vs. the year-ago period.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events