MADRID, June 26 The shareholders of Spanish
plastics bottle maker La Seda de Barcelona on Wednesday
rejected a debt refinancing plan that would have allowed the
company to withdraw from insolvency proceedings, its largest
The Catalonia-based company, which makes bottles in Europe,
Turkey and North Africa, has been in talks with creditors for
months since high material costs and excess supply of the PET
plastic containers it makes put pressure on its business.
On Tuesday it said it had reached a preliminary deal to
refinance 75 percent of 235 million euros ($306 million) of
syndicated debt with creditors, largely thanks to a deal with
its biggest creditor U.S. hedge fund Anchorage.
But La Seda shareholder BA Pet with an 18 percent stake said
in a statement on Wednesday that shareholders had rejected
Anchorage's proposal to control the company by taking on 40
percent of financial debt at a 60 percent discount.
La Seda said in a stock market filing that a majority of
shareholders rejected a plan to give Anchorage a stake in the
company in exchange for debt.
La Seda had 600 million euros of debt at the end of 2012,
according to company filings, and has 462 million euros in
syndicated loans from banks, according to Reuters loan market
news and analysis service RLPC.