26 June 2013 10:28 [Source: ICIS news]
LONDON (ICIS)--A decision is expected on Wednesday on La Seda de Barcelona’s likely emergence from insolvency, after the Spanish polyethylene terethphalate (PET) producer struck a preliminary deal with the majority of its debtholders for a refinancing plan earlier this week.The company is expected to hold a meeting asking shareholders to approve its debt refinancing scheme, and allow it to emerge from insolvency. The company was forced to file for insolvency on 17 June after failing to renegotiate its debts.
La Seda said in a stockmarket notice on 25 June that it has received preliminary approval from creditors representing 75.40% of the company’s syndicated debt for the plan, above the legal threshold necessary to proceed with a refinancing.
More than half the company’s debtholders have agreed in principle with the refinancing measures, La Seda added.
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