Reuters: Bankruptcy News: Spain's La Seda de Barcelona files for insolvency

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Spain's La Seda de Barcelona files for insolvency Jun 17th 2013, 12:19 MADRID, June 17 | Mon Jun 17, 2013 8:19am EDT MADRID, June 17 (Reuters) - Spain's La Seda de Barcelona, LSB, which makes plastic bottles in Europe, Turkey and North Africa, said on Monday it had filed to begin insolvency proceedings after failing to reach an agreement with its creditors. LSB said it has been in talks with banks since September last year after its business ran into trouble because of high raw materials costs and excess supply of the PET plastic containers that it makes. La Seda has an estimated debt load of 600 million euros ($800.4 million). ($1 = 0.7496 euros) (Reporting by Fiona Ortiz; Editing by Paul Day)

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