LA SEDA
Portuguese investor could save PET group / Agreement with creditor banks on debt redistribution
Until recently, financial problems seemed to be getting the better of La Seda de Barcelona (Barcelona / Spain; www.laseda.es), but a solution now seems within grasp. Citing sources in the know, the Spanish daily "Expansion" reports that the PET group reached an agreement with the creditor banks on how to redistribute its debt of nearly EUR 870m.
What’s more, Spanish media reports indicate that the group is in "advanced negotiations" with BA Vidro (Lisbon / Portugal; www.bavidro.com), which wants to acquire a relevant proportion of La Seda’s shares. However, any such acquisition will have to remain below 30 %. The move is supposed to be coupled with La Seda's efforts to push through a capital increase of EUR 150m, an option that seemed increasingly remote of late. BA Vidro is considered to be one of Iberia's largest glass bottle producers.
So far, La Seda has not commented on the matter but Expansion says the group is about to submit a report to the relevant Spanish stock market regulator Comision Nacional del Mercado de Valores (CNMV).
Links between the two companies already exist, embodied by BA Vidro majority shareholder Carlos Moreira da Silva, whom the Spanish bank Caixa Geral had recommended as an independent advisor for La Seda's board of directors. Media reports say the bank issued its recommendation on the very day da Silva ended his connections with the board of Imatosgil, a company that owns 12% of La Seda's shares. Imatosgil is also the majority shareholder in Portuguese company Selenis (www.selenis.com), which La Seda bought in 2006.
Spanish media reports also indicate that La Seda is mulling whether to accept the EUR 55m grant it has been offered by the private equity firm Oaktree Capital Management (Los Angeles, California / USA; www.oaktreecapital.com). Estimates are that this money would bring both the desired debt redistribution and a capital increase within grasp.
The latest developments seem to have come right in time for La Seda: A recent report by the Spanish press agency "EFE" cited sources close to the company, who reported that the Spanish bank Instituto Catalán de Financias (ICF) would condition an additional loan of EUR 15m on La Seda refinancing its debts before 30 September 2009. Reports say the group’s management has been in daily talks with the 50 banks involved in the matter.
What’s more, Spanish media reports indicate that the group is in "advanced negotiations" with BA Vidro (Lisbon / Portugal; www.bavidro.com), which wants to acquire a relevant proportion of La Seda’s shares. However, any such acquisition will have to remain below 30 %. The move is supposed to be coupled with La Seda's efforts to push through a capital increase of EUR 150m, an option that seemed increasingly remote of late. BA Vidro is considered to be one of Iberia's largest glass bottle producers.
So far, La Seda has not commented on the matter but Expansion says the group is about to submit a report to the relevant Spanish stock market regulator Comision Nacional del Mercado de Valores (CNMV).
Links between the two companies already exist, embodied by BA Vidro majority shareholder Carlos Moreira da Silva, whom the Spanish bank Caixa Geral had recommended as an independent advisor for La Seda's board of directors. Media reports say the bank issued its recommendation on the very day da Silva ended his connections with the board of Imatosgil, a company that owns 12% of La Seda's shares. Imatosgil is also the majority shareholder in Portuguese company Selenis (www.selenis.com), which La Seda bought in 2006.
Spanish media reports also indicate that La Seda is mulling whether to accept the EUR 55m grant it has been offered by the private equity firm Oaktree Capital Management (Los Angeles, California / USA; www.oaktreecapital.com). Estimates are that this money would bring both the desired debt redistribution and a capital increase within grasp.
The latest developments seem to have come right in time for La Seda: A recent report by the Spanish press agency "EFE" cited sources close to the company, who reported that the Spanish bank Instituto Catalán de Financias (ICF) would condition an additional loan of EUR 15m on La Seda refinancing its debts before 30 September 2009. Reports say the group’s management has been in daily talks with the 50 banks involved in the matter.
30.09.2009 Plasteurope.com [214481]
Published on 30.09.2009
German version of this article...