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Provider: Reuters Investment Profile
$20.00
Provider: GlobalData
$125.00
Provider: GlobalData
$125.00
Provider: GlobalData
$125.00

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La Seda de Barcelona SA's Shareholders Reject Plan To Halt Insolvency-Reuters


Wednesday, 26 Jun 2013 01:45pm EDT 

Reuters reported that the shareholders of La Seda de Barcelona SA (La Seda) rejected a debt refinancing plan that would have allowed the Company to withdraw from insolvency proceedings. The Company 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. But La Seda shareholder BA Pet with an 18% stake said in a statement on June 26, 2013 that shareholders had rejected Anchorage's proposal to control the company by taking on 40% of financial debt at a 60% 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. 

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