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Markets :: Plastics :: PET

Time running out for debt-burdened PET producer La Seda

8:15 AM MDT | April 25, 2013 | Francinia Protti-Alvarez

Beleaguered polyethylene terephthalate (PET) producer La Seda de Barcelona (El Prat Llobregat, Spain) has one week left to finalize the refinancing of its €235-million ($299 million) debt before the company is forced into administration, according to reports in the Spanish media. The company's board is expected to meet next week to assess the options available. La Seda has been struggling to refinance its debt since February, as previously reported by CW. Most of La Seda's shareholders are hoping that the biggest shareholder BA Vidrio (Avintes, Portugal)...

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