Spanish PET producer La Seda de Barcelona has said a statement that its insolvency filing in a Barcelona commercial court on June 17 is a voluntary, precautionary measure to secure the business while its creditors and owners sort out the company's finances and that there are no plans for liquidation.

The filing, which applies to subsidiaries in Morocco and Turkey in addition to the European Union, was prompted by La Seda's failure to gain the support of 75% of its creditors to restructure its finances. Negotiations will now recommence, the company said.