La Seda Asset Sale Now in Progress

The disposal of assets belonging to insolvent Spanish PET producer has been approved by the Barcelona commercial court handling the proceedings. Authorities have now given the green light for liquidation of Artenius Espana at Barcelona; Industrias Químicas Asociadas (IQA) at Tarragona; Artenius Italia in San Giorgio di Nogaro, near Udine, Italy; and Artenius Turkpet in Adana, Turkey. The divestment process for PET recycler Artenius Green in Balaguer, Spain, is expected to begin shortly.

Artenius Espana has nameplate capability for 170,000 t/y of PET, while IQA produces PET starting materials ethylene oxide (EO) and monoethylene glycol (MEG). Turkpet produces 140,000 t/y of PET. Reports from Italy suggest that four potential buyers have been lined up for the Italian plant with a capacity for 100,000 t/y of PET.