Sisas Belgium operations win court protection from creditors
22 September 2000 14:17 [Source: ICIS news]
LONDON (CNI)--Italian chemicals group Sisas confirmed on Friday that its Belgian subsidiaries Pantochim and Eurodiol have sought and received court protection from their creditors after negotiations with Germany's BASF to buy their anhydride and derivatives production at Feluy and Ostend broke down.
A senior source at Sisas, who preferred not to be named, told CNI that the Tribunal de Commerce of Charleroi had given Pantochim and Eurodiol a six-month 'breathing space' in which to resolve their financial difficulties. The companies are believed to have debts totalling several hundred million euros and had faced the possibility of foreclosure by some major creditors had they not sought court protection.
Pantochim employs about 310 people and Eurodiol about 85. The Sisas source said their jobs were safeguarded for the time being.
BASF had been in serious negotiations since the second quarter of this year over the sale of Sisas' phthalic anhydride (PA), maleic anhydride (MA), plasticisers, butanediol (BDO) and derivatives operations in Belgium.
The Sisas source said these talks had reached an impasse because of a "tremendous gap" in their respective valuations of the business.
Although he would not rule out their resumption, Sisas is now talking with "several other companies in Europe and the US" over a possible sale or joint venture.
He was optimistic that Pantochim and Eurodiol would be able to trade out of their difficulties but pointed out that the six month debt moratorium could, with the tribunal's approval, be extended.
By: Neil Sinclair
+44 20 8652 3214
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