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La Seda begins process for liquidation

By: PRW

January 9, 2014

Spanish PET and packaging giant La Seda de Barcelona has filed for liquidation.

The Barcelona-based company, which went into insolvency six months ago, applied for liquidation with the Commercial Court of Barcelona on Jan. 3.

"The decision to request the opening of the liquidation has been adopted in order to facilitate an orderly sales process of the company," La Seda said in a statement.

La Seda's assets are understood to be valued at about 620 million euros ($849 million) which includes its European sites as well as subsidiaries in Morocco and Turkey.

The company has blamed over-supply and rising raw material costs for its demise.