Liquidation of insolvent PET producer La Seda Progresses

The sale of assets owned by bankrupt PET producer La Seda de Barcelona continues apace. The Barcelona commercial court handling the insolvency proceedings recently opened the liquidation process for the company's wholly owned recycling subsidiary Artenius Green.

As the court-appointed receiver, Forest Partners has said the recycling firm, which operates a plant at Beaune, France, is strong enough to stay afloat if given an injection of fresh equity and a credit line observers see some hope that a buyer will be found. Recycling subsidiary APPE in the UK is not in liquidation.

Interested buyers are reportedly waiting in the wings for at least one of the La Seda group companies already being wound up, with four companies said to be planning bids for the 200,000 t/y PET plant at San Giorgio di Nogaro, near Udine. Other assets in liquidation are based in Spain, Italy and Turkey.

In September, Artenius Hellas, based at Volos, Greece, was acquired by Istanbul-based Polisan Holding. The company has subsequently been renamed Polisan Hellas. The Turkish buyer, which is targeted markets in Greece, the Balkans and Turkey, is said to have penciled in December for the restart of the PET plant at Volos closed in spring of this year.