Bid Made on PET Firm

The management of polyethylene terephthalate (PET) resin and polyester fiber producer Tergal Industries (Gauchy, France) has made an offer to buy the company. Tergal initiated bankruptcy proceedings in July 2008 due to mounting debts and has since been seeking buyers under a legal restructuring process. The management buyout bid was the only offer submitted to acquire the company by a March 27 deadline. A commercial tribunal at Saint-Quentin, France will decide whether to accept the offer, which would become effective on July...

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