17 June 2013 14:12 [Source: ICIS news]
The insolvency request was filed with the Commercial Court of Barcelona, according to a company statement submitted to the National Securities Market Commission (CNMV).
LSB, which began refinancing its debts in September last year, said it had been been faced with a “bad market over the past two years, and in particular the oversupply, the high costs of raw materials and insufficient margins.”
The company’s statement was translated to English from Spanish.
In May, LSB subsidiary Artenius announced it would not be restarting its PET plant in Volos, Greece, which had been idled since December last year.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections