Spain's chemical industry group Sniace is on the verge of bankruptcy. The company now has four months time to reach an agreement with its creditors and restructure its debt in order to avoid bankruptcy, accprding to Euwid Pulp and Paper.
Sniace says the new Spanish law on renewable energies, which had reduced green energy promotion in Spain and imposed a new tax on energy production, is to blame for the decision.
Grupo Sniace produces specialty cellulose, viscose, renewable energies and biofuels. The company has the capacity to produce 66,000 tpy of specialty cellulose, 26,000 tpy of viscose and 126,000 tpy of lignin sulphate.
