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                                                                   EXHIBIT 10.62

ING BANK

DISTRICT OOST NEDERLAND

Postbus 83, 7500 AB Enschede                  Afdeling
                                               Business Accounts
     CONFIDENTIAL                             Telefoon
                                               (053) 482 52 13
     Welna N.V. cs                            Referentie
     Attn. Mr. Ing H. A.Kroes                  E. ten Kate/fw
     P.O. Box 309                             Datum
     NL-7570 AH Oldenzaal                      11 June 1999

     Dear Mr Kroes,

     Referring to our pleasant discussions we hereby inform you that we are
     willing to offer Welna N.V. and its Dutch subsidiaries a Multi Purpose/
     Multi Currency facility.

     This credit facility will be subject to the following conditions:

     PURPOSE            : Credit facility for working-capital purposes.

     BORROWER           : Welna N.V., established at Enschede,
                          Welna Kunststoffen B.V., established at Enschede,
                          B.V. Twentse Kunststoffenindustrie Plasticon,
                          established at Oldenzaal,
                          Plasticon Haven B.V., established at Hengelo (Ov),
                          Woodcap B.V., established at Deurne,
                          Kialite-Plasticon B.V., established at Tilburg,
                          Onroerend-Goed Maatschappij Plasticon B.V.,
                          established at Oldenzaal,
                          Hanwel B.V., established at Enschede
                          Plasticon Projects B.V., established at Oldenzaal,
                          Welna Handel B.V., established at Enschede,
                          Plasticon Heerenveen B.V., established at Heerenveen,
                          B.V. van Delden, established at Waddinxveen,
                          Gimex B.V., established at Geldermalsen,
                          hereinafter (together and individually) referred to as
                          'the Borrower'.

     LENDER             : ING Bank, located in Amsterdam, hereinafter referred
                          to as "ING".


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     FACILITY AMOUNT    : NLG 5,000,000.-
                          (in words: five million Dutch guilders), which can be
                          used as follows:
                          (i)      in the form of overdrafts in current account;
                                   and/or

                          (ii)     in the form of short-term loans in Dutch
                                   guilders.

                          Under the condition that (i) and (ii) together will
                          amount to a maximum of NLG 5,000,000.- (in words:
                          five million Dutch guilders) or the equivalent amount
                          in optional currency.

     OPTIONAL CURRENCY  : All currency, as far as freely transferable and
                          convertible into Dutch guilders.

     LOAN               : Short-term loan.

     TERM OF THE
     FACILITY           : The facility will be reviewed annually by reference to
                          the consolidated annual figures of the Borrower. The
                          Borrower and the Lender may at any time cancel the
                          facility.

     TERM OF THE
     SHORT-TERM LOANS   : 1, 2, 3, 6 or 12 months at choice of the Borrower.

     AMOUNT OF THE LOANS: A minimum of NLG 1,000,000.- or a multiple of NLG
                          1,000,000.- , or the equivalent thereof in the chosen
                          optional currency (rounded down at thousand).

     INTEREST RATE      : Overdrafts in current account
                          1-month Euribor, with a minimum of 2.5%, plus a
                          margin of .75% per annum.

                          Short-term loans
                          EMU-currency: Euribor for the relevant term of loan
                          plus a margin of 0.40% per annum.
                          Other optional currency: Libor for the relevant term
                          of loan plus a margin of 0.40% per annum.

     INTEREST PAYMENT   : Overdrafts in current account
                          In arrears on January 1, April 1, July 1 and October 1
                          of each year.

                          Short-term loans
                          On the final day of the term of the loan.

                          The interest amounts on overdrafts in current account
                          and loans in Dutch guilders and other EMU-currency
                          shall be calculated on the actual number of days
                          elapsed and on the basis of a 360 day year.
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                          The interest on loans in optional currency shall be
                          calculated in accordance with the market practice of
                          the relevant optional currency.


REPAYMENT SHORT-        : On the last day of the term of the loan, unless the
   TERM LOANS             loan is withdrawn again.
                          Repayment of the loan will be made in the same
                          currency as which the loan is withdrawn.

SECURITY AND COVENANTS  : As security for the facility and for all which the
                          Borrower may now and in the future owe to the Lender
                          on whatever grounds the following securities shall be
                          given:

                          -        Declaration of Joint and Several Liability
                                   between Welna N.V. and its Dutch
                                   subsidiaries.

                          -        As long as the Borrower and/or any of its
                                   foreign subsidiaries owes ING any sum on any
                                   account whatsoever, or may in any manner
                                   become indebted to ING as a result of
                                   present of future obligations, the Borrower
                                   shall not transfer, or promise to transfer,
                                   title to all or any of his assets- except
                                   where such transfer forms part of his
                                   ordinary business- or charge, or promise to
                                   charge, all or any of his assets in favour
                                   of a third party unless he has obtained the
                                   prior express consent of ING (negative
                                   pledge).

                          -        The Borrower undertakes that if he considers
                                   providing security of additional security in
                                   any form whatsoever for debts to third
                                   parties, he will inform ING in time and
                                   offer such security as ING deem to be at
                                   least equal in nature and value to the
                                   security offered or given for the debts to
                                   third parties, all this in proportion to the
                                   total lending by ING and third parties to
                                   the Borrower. This undertaking will remain
                                   in force and effect as long as the Borrower
                                   will owe any sum to ING on any account or
                                   there are any existing or future liabilities
                                   for which the Borrower may become indebted
                                   to ING (pari passu).

OTHER PROVISIONS        : -        With a view to the continuity of the
                                   Borrower's business, ING deems it necessary
                                   that the Borrower's tangible net worth must
                                   at all times represent at least 25% during
                                   1999 and 2000 and at least 30% during 2001
                                   and thereafter, of the (adjusted) balance
                                   sheet total.

                                   For the purpose of this credit arrangement
                                   tangible net worth shall be understood to
                                   mean: issued and paid-up share capital plus
                                   reserves, deferred taxation liabilities
                                   (including WIR equalization account) and
                                   loans
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                                   subordinated to the Borrower's debts to ING,
                                   minus intangible assets, receivables from
                                   shareholders and/or managing directors and
                                   shares the Borrower holds in his own
                                   company, as shown in the consolidated annual
                                   accounts accompanied by an unqualified
                                   auditor's report drawn up by a auditor
                                   acceptable to ING and in accordance with the
                                   calculation bases and accounting principles
                                   applied in the annual as at 31-12-1998.

                          -        Consolidated Interest Coverage Ratio > 3%.

                          -        The Borrower will not enter into credit
                                   agreements with third parties (including but
                                   not limited to agreements relating to
                                   off-balance sheet instruments, lease and
                                   guarantees) without the consent of ING. ING
                                   has been informed that ABN AMRO Bank N.V.
                                   will grant a credit facility with a maximum
                                   of NLG 40,000,000.00.

                          -        Further acquisitions and investments in
                                   fixed assets are subject to ING's prior
                                   consent except in the case of acquisitions
                                   of minor (financial) importance and as long
                                   as the total of acquisitions and investments
                                   in fixed assets does not exceed NLG
                                   7,500,000.00, on a yearly basis.

                          -        Borrower will not grant an intercompany-loan
                                   to Denali Incorporated and/or Denali Welna
                                   Europe B.V.

                          -        Borrower shall not pay dividend to Denali
                                   Welna Europe B.V. With exception of dividend
                                   distribution for:

                                   -        interest-payments and/or repayment
                                            of Loan A (in principal NLG
                                            15,000,000.00) granted by ABN AMRO
                                            Bank N.V. and ING Bank N.V. to
                                            Denali Welna Europe B.V.;

                                   -        interest-payments and/or the payment
                                            of the outstanding amount of Loan B
                                            (in principal NLG 10,000,000.00)
                                            granted by ABN AMRO Bank N.V. and
                                            ING Bank N.V. to Denali Welna Europe
                                            B.V.;

                                   -        dividend payment from Denali Welna
                                            Europe B.V. to Denali Incorporated,
                                            maximized to NLG 2,000,000.00, to
                                            service interest on sub debt in the
                                            United States

                          Under the condition that Borrower is continuously in
                          compliance with the covenants and provisions set out
                          in this Credit Agreement.

                          -        Payment of dividend from Denali Welna Europe
                                   B.V. to Denali Incorporated is also subject
                                   to the additional restrictions set out in
                                   the Roll-Over Loans Facility Agreement
                                   between Denali Europe B.V., ABN-AMRO Bank
                                   N.V. and ING Bank N.V.:

                                   -        Consolidated Debt Service Cover
                                            Ratio is less than 1 after pay-out
                                            (where dividend is considered part
                                            of the Debt Service Obligations).
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                          -        Borrower will pay to ING on its first demand
                                   all out of pocket expenses regarding the
                                   costs of documentation, exercising rights
                                   and break-funding costs.

                          -        ING will also receive from the Borrower the
                                   quarterly figures within one month of the
                                   end of every quarter.

                          -        The outstanding balances of the facility
                                   together with accrued interest and any other
                                   sum due from the Borrower under the Credit
                                   Agreement shall be payable to ING forthwith
                                   and in full without any demand or default
                                   notice being required if the Borrower fails
                                   to comply with of fulfil, at the time and in
                                   the matter required, any obligation under
                                   any loan or financing arrangement with or
                                   any guarantee towards ING and/or third
                                   parties (Cross-Default).

                          -        The providers of the syndicated loan to
                                   Denali Inc. shall issue a declaration of
                                   approval of or a declaration of no objection
                                   to all credit facilities granted by ABN AMRO
                                   Bank N.V. and ING Bank N.V. to Denali Welna
                                   Europe B.V. and Welna N.V. c.s.

                          -        This offer cannot be accepted separately of
                                   the offer to Denali Welna Europe B.V.
                                   (roll-over loans of NLG 25,000,000.00);

                          -        This Credit Agreement will be governed by
                                   Dutch Law.

     ANNUAL FIGURES     : Each year, the Borrowers shall provide the bank with
                          the (consolidated) balance sheet and profit and loss
                          account, drawn up by a (chartered) accountant and
                          accompanied by an unqualified auditors' report within
                          six months after the ending of the financial year.


     SHORT-TERM LOAN    : The terms and conditions governing these short-term
     AGREEMENT            loans will be incorporated in a separate short-term
                          loan agreement.

     GENERAL CONDITIONS : In so far as not stated otherwise in this offer and
                          the enclosed clause sheet, the general conditions
                          drafted by the Nederlandse Vereniging van Banken
                          (Netherlands Bankers' Association) shall apply.


     AVAILABILITY OF THE: The facility will be made available as soon as the
     FACILITY             agreement is signed, the securities are given and the
                          other provisions, if any, are fulfilled.

     VALIDITY           : This offer is valid until 20 June, 1999.

     We trust to have been of service. If you are in agreement with this offer,
     please return the enclosed copy, duly signed where required, and having
     initialed the other pages to indicate

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     your approval, before the expiry date. Your signature also serves to
     acknowledge receipt of a copy of the general conditions.

     Yours faithfully,

     Enschede, 11 June 1999
     ING Bank N.V.
                                       For approval :
                                       The Borrower

                                       Welna N.V.
                                       (on behalf of all the legal entities
                                       mentioned as Borrower)

    Enschede, 11 June 1999

    Enclosures:
    -        Acceptance copy
    -        Clause sheet/ Clausuleblad
    -        Algemene Voorwaarden (General conditions)
    -        Kasgeldovereenkomst (Short-Term Loan Agreement)
    -        Compte-Joint en Mede-aansprakelijkheidsovereenkomst
             (Declaration of Joint and Several Liability)