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The British Court upheld today the agreed financial restructuring of La Seda de Barcelona, which is the first time a Spanish company gets to adopt a process of 'scheme of arrangement'.The company said today, with this British judge's approval culminates an intense process of negotiation with financial institutions that make up the syndicated loan, amounting to 600 million Euros.
Good explanation about the credit crisis we are experiencing
La Seda de Barcelona is one of the leading companies in the PET packaging market throughout the world. Today, the company is in a restructuring process that requires a solution to the situation and that enables wise decisions to hace a good performance in a long term. For this reason is that Carlos Gila is among the members of the petrochemical industry, because his experience makes him a specialist in management of business at risk.
Carlos Gila Lorenzo is vice president of La Seda de Barcelona, the first European group to guarantee a package from initial design to final product.La Seda de Barcelona has entered a new stage that is synonymous with integration, after several years of intense activity. That’s why the designation of Carlos Gila as vice president of the Directive Board is meant with the aim of providing a reliable way to the Restructuring Plan needed to be implemented in all sectors.
The main unions representing the rights of workers have shown their support for the restructuring plan set by the Board of Directors of La Seda de Barcelona (in which participates Carlos Gila Lorenzo as vice president).
The plant that La Seda de Barcelona has in El Prat of Llobregat resumes activities in the next March, in order to cope with expected growth in demand for PET containers estimated for summer.The reopening is due to a credit of 15 million Euros given by the Catalan Institute of Finances. As a result, one of the many expectations from the Directive Board -which Carlos Gila belongs to- is achieved: improve the finances of the company.
The Board of La Seda de Barcelona, whose Vice President is, received strong support at the Special Meeting held on December 17, 2009. The share capital which forms part of the company showed with most of his votes the efforts that are being made regarding the company, which are aimed to consolidate their accounts and continue the growth path.
The Catalan company, whose vice presidence is in charge of Carlos Gila Lorenzo, it has reached a business agreement with food company Leche Pascual. This alliance will allow La Seda to increase revenues by 15 million euros.
The Portuguese bank Caixa Geral have supported the restructuration of La Seda by giving a loan of 371 million euros. This credit has been approved in 2008 but the catalan company’s status paused the loan until today.