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People & Business :: Companies

La Seda files for insolvency

9:33 AM MDT | June 19, 2013 | Francinia Protti-Alvarez

La Seda de Barcelona (El Prat de Llobregat, Spain), one of Europe's largest manufacturers of polyethylene terephthalate, has filed for insolvency, the company announced Monday. The company, which had been seeking to restructure debt, has been unable to reach an agreement with its creditors. The company has been in talks with its creditors since September last year. Earlier this year, La Seda said it was looking at various refinancing option. One of the company's shareholders proposed a €40-million ($54.5 million) guaranteed-capital increase, however an...

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