27 March 2013 15:30 [Source: ICIS news]
(recasts article clarifying the insolvency regards KEM ONE's upstream vinyls business KEM ONE SAS)
LONDON (ICIS)--France-based producer KEM ONE on Wednesday said it has placed its upstream vinyls business KEM ONE SAS into receivership on Wednesday.
KEM ONE was formed in July 2012 through the sale of Arkema’s vinyl products division to Switzerland-headquartered industrial business specialist Klesch group.
Gary Klesch, chairman of Klesch Group, filed for insolvency “in view of the financial position” of KEM ONE SAS, the company’s upstream business.
The application to enter insolvency was approved on Wednesday by the Commercial Court of Lyon, which appointed an official receiver to take charge of the administration of the company.
KEM ONE will continue to operate as normal during the proceedings, the company added.
Further details to follow.
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