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La Seda's shareholders back asset restructuring proposal over debt restructuring plan

6:46 AM MDT | June 27, 2013 | Francinia Protti-Alvarez

Beleaguered polyethylene terephthalate (PET) producer La Seda de Barcelona's (El Prat de Llobregat, Spain) shareholders rejected a plan to restructure more than 75% of the company's syndicated debt, voting instead in favor of an asset restructuring plan, the company says in a filing with the Spanish CNMV stock exchange. About 82% of the shareholders voted in favor of the asset restructuring plan proposed by BA Vidrio (Villafranca de Los Barros, Spain), the biggest shareholder in La Seda with an 18% stake. However, BA Vidrio now needs to obtain backing from the...

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