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Markets :: Basic Chemicals :: Petrochemicals :: Ethylene

Creditors Reject Debt-Equity Swap for Croatian Petchem Producer

6:16 AM MDT | June 21, 2012 | Ian Young

The government of Croatia says it has failed to persuade the main creditors of heavily indebted petrochemical producer Dioki Group (Zagreb) to accept a debt-equity swap as part of a financial restructuring of the company. The announcement followed talks between officials from Croatia's economy ministry and Dioki workers earlier this week. Dioki's creditors include Hypo Alpe Adria Bank (Zagreb) and Zagrebacka Bank (Zagreb). Dioki's accumulated losses total about HRK1.6 billion ($268 million). The government says it will continue to seek a new shareholder for...

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