As the future of PET group La Seda de Barcelona (Barcelona / Spain; www.laseda.es) remains in doubt, the company said at the end of May, that it has obtained an extension to its standstill loan. The extension will support the debt refinancing of the company – the deferral agreement syndicated (standstill) loan will remain in place, if there are no changes, until the end of June.

It has been reported that the company has received the commitment of HSBC, Deutsche Bank and Cataluñan government bank Institut Català de Finances to adhere to the debt refinancing proposal presented by US hedge fund Anchorage Capital Group (http://anchoragecap.com) – see Plasteurope.com from 08.05.2013.

The report added that it is believed that La Seda’s management is proceeding on the basis of an agreement in principle reached with the syndicated loan coordinating committee that the loan refinancing is ratified by 75% of syndicated debt, representing over 50% of creditors.

La Seda announced last week that PET production at its Artenius Hellas (Volos / Greece) subsidiary is in the process of closing down – see Plasteurope.com from 30.05.2013.