Faced with a debt burden of around EUR 35m, EDV Packaging (Llinars del Vallès, Barcelona / Spain; www.edvpackaging.com) has filed an insolvency petition and is seeking an investor to inject fresh capital to keep the company afloat, reports the Spanish online newspaper “Expansión.com”. EDV, which is owned by several families and produces packaging solutions of barrier laminate film, is currently working on a scheme to keep operations going while at the same time reducing debt.

The newspaper quotes sources close to the negotiations as saying the packaging producer is currently talking to several interested buyers about acquiring a stake, the size of which has not yet been communicated. A sale to a non-strategic investor is not being ruled out.

In 2007, EDV Packaging, which sees itself as market leader for rigid barrier packaging, reported sales of EUR 45m, some 75% of which was derived from exports. The company co-extrudes barrier films and also is engaged farther downstream, in thermoforming of products such as trays. It has sales offices and agencies in more than 25 countries worldwide.