"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.
"If the process to withdraw from insolvency proceedings is approved tomorrow, (biggest creditor) Anchorage's plan to convert the debt into capital will go ahead, but that has to be decided at tomorrow's meeting," the person said.
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 Andres Gonzalez and Clare Kane; Editing by Greg Mahlich and Dan Grebler)
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