La Seda De Barcelona to close down 5 petrochemical plants, lay off workers

La Seda De Barcelona plans to close 5 plants and raise funds to concentrate on production of Polyethylene Terephthalate (PET) as per it’s restructuring program. La Seda will lay off over 300 workers and sell off Simpe plant in Italy, Portalegre in Portugal, Volos in Greece, TurkPet in Turkey and IQA in Tarragona, Spain and raise between €250-320 mln to meet conditions laid out by its banking syndicate to refinance the company. The 300 job lay-offs include 240 employees from its 500,000 tpa Purified Terphthalic Acid (PTA) plant at Wilton, UK, shut down since the last 4 months. This restructuring plan is part of its earlier plan that includes a capital hike, asset sales and the capitalisation of €868 mln of debt to guarantee its viability.
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