Spanish conglomerate set to buy two La Seda de Barcelona PET plants

12-Feb-14

Spanish conglomerate with interests in designer jewelry, cosmetics and paperboard packaging is set to acquire two plants from the bankrupt PET packaging group La Seda de Barcelona, local press is reported by European Plastics News. It is reported that Cristian Lay group of Jerez de los Caballeros, Spain, has offered around Euro 15 mln to buy LSB's 170,000 metric tpa PET polymer plant in El Prat de Llobregat, near Barcelona, along with its 200,000 metric tpa feedstock plant in Tarragona.The sale is subject to approval of the Spanish commercial court overseeing the LSB group's liquidation. The court in Barcelona authorized the formal process of selling off the Catalan PET group's polymer, chemicals, packaging and recycling operations at the end of January. LSB filed for voluntary insolvency in June 2013, when it failed to reach agreement on debt restructuring with its creditors.