Sisas creditor banks seek rescue plan by 15 Nov

25 October 2000 11:15  [Source: ICIS news]

BRUSSELS (CNI)--A consortium of banks has provided credit of BF7bn ($145m/Euro174m) to Sisas' Belgian subsidiaries Pantochim and Eurodiol - which were put under court protection last month - but will cancel the loan if no bids are made to acquire the subsidiaries by 15 November.

The banks, which include Fortis Bank and Italy's Monte Paschi, have said they will only continue the credit line if the administrators of Pantochim and Eurodiol receive a firm offer by that date.

Pantochim and Eurodiol are both based in Feluy and produce a range of products including maleic anhydride (MA), phthalic anhydride (PA), plasticisers and biofuels. They 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.

BASF has said it is still interested in buying Sisas' Belgian (MA) and derivatives assets.

Headquartered in Italy, Sisas also has production in Pioltello-Rodana and Cavaglia in Italy and Ostend in Belgium. Sisas' Italian operations have also been placed under court protection.

By: Anna Jagger
+1 713 525 2653

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