By: Richard Higgs
EUROPEAN PLASTICS NEWS
February 11, 2014
A Spanish conglomerate with interests in designer jewelry, cosmetics and paperboard packaging is set to acquire two plants from the bankrupt PET packaging group La Seda de Barcelona, local press reports say.
They indicate that Cristian Lay group of Jerez de los Caballeros, Spain, has offered around 15 million euros to buy LSB's 170,000 metric ton per year PET polymer plant in El Prat de Llobregat, near Barcelona, along with its 200,000 metric ton per year feedstock plant in Tarragona.
The sale is subject to approval of the Spanish commercial court overseeing the LSB group's liquidation.
The court in Barcelona authorized the formal process of selling off the Catalan PET group's polymer, chemicals, packaging and recycling operations at the end of January. It was in June last year that LSB filed for voluntary insolvency when it failed to reach agreement on debt restructuring with its creditors.