MADRID, June 25 (Reuters) - Spanish plastics bottle maker La Seda de Barcelona said on Tuesday it had reached a preliminary deal to refinance 75 percent of its syndicated debt with creditors, after saying last week it would file for insolvency.
The company should now be able to restructure 235 million euros ($307 million) of syndicated debt following the agreement, with over half its creditors signing up to refinance 75.4 percent of the debt.
“That means all the legally required thresholds to implement the company’s syndicated debt refinancing proposal have been reached,” La Seda de Barcelona said in a statement.
It was unclear whether the deal meant La Seda would no longer file for insolvency and company representatives could not immediately be reached for comment.
The Catalonia-based company, which makes bottles in Europe, Turkey and North Africa, has been in talks with creditors since last September after high material costs and excess supply of the PET plastic containers it makes put pressure on the business.
The firm, whose biggest creditor is U.S. hedge fund Anchorage, said last week it would start insolvency proceedings after failing to get the 75 percent of creditors it needed on board with its refinancing plan.
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.
A source close to the talks had said last week that 235 million euros of that syndicated debt needed to be restructured.
$1=0.7649 euros Reporting by Clare Kane and Andres Gonzalez; Editing by Greg Mahlich