Croatia LDPE producer Dina receives takeover offer

21 January 2014 17:24  [Source: ICIS news]

LONDON (ICIS)--Croatian low density polyethylene (LDPE) producer Dina Petrokemija has received a takeover offer that could see it resume and expand production, the company said on Tuesday.

The offer was presented by investment fund Devon on behalf of an investor that Dina did not want to name at this stage, it added.

The investor had offered to take over the company's debts, increase its capital and expand its production, Dina said.

Dina, located on the Adriatic island of Krk, has an indefinitely mothballed 90,000 tonne/year LDPE unit.

The company is part of the Zagreb-based Dioki group which in late November last year was officially entered into bankruptcy, with a receiver appointed to manage its affairs.

Dioki, whose Zagreb installations include a 90,000 tonne/year ethane cracker, a 50,000 tonne/year polystyrene (PS) installation and a 15,000 tonne/year expandable polystyrene (EPS) plant, shut down all its operations in late 2011 after creditors froze its bank accounts through court action.

It filed for bankruptcy in October 2013 after creditors refused to accept a revised debt restructuring plan.

By: Will Conroy
+44 20 8652 3214

AddThis Social Bookmark Button

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.

Printer Friendly

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