03 January 2014 17:32 [Source: ICIS news]
LONDON (ICIS)--Troubled Spain-headquartered chemicals producer La Seda de Barcelona (LSB) said on Friday that it has requested the initiation of liquidation proceedings.
In a filing with the Barcelona commercial court, the company’s board of directors said that liquidation has been requested as the best approach to protecting the value of the company’s assets, and to facilitate an orderly sales process.
LSB operates three Artenius polyethylene terephthalate (PET) plants in Spain, Turkey and Italy, as well as a recycling site in Italy. It also operates ethylene oxide (EO) and ethylene glycol (EG) units through upstream business Industrias Quimicas Asociadas (IQA).
Successful preform manufacturer APPE, which comes under the LSB umbrella, is not up for sale.
The company filed for insolvency in June last year. According to documents filed late in 2013, LSB's remaining assets are worth a combined total of €624.27m, while total insolvency claims total €736.11m.
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