La Seda de Barcelona (Barcelona / Spain; www.laseda.es) has four more weeks to put together the necessary refinancing plan. The company told Spanish stock market regulator Comision Nacional del Mercado de Valores (CNMV) that it had reached a standstill agreement with the banks, which means no further debts would be activated for this period. La Seda’s management vowed to step up its efforts in the next month to obtain the necessary promises to set the agreed-upon restructuring plan in motion.

The reports further indicate that La Seda has succeeded in securing the important support of its shareholders and of potential industry partners. Apparently, it can also count on the support of shareholders from the Portuguese group BA Vidro (Lisbon / Portugal; www.bavidro.com), which wants to take over a relevant proportion of La Seda's shares – see Plasteurope.com of 30.09.2009. This could bring the planned capital increase of EUR 150m a little closer.