M&G subsidiary files for bankruptcy protection in US court

Source: ICIS News

2017/10/24

HOUSTON (ICIS)--A US subsidiary of Mossi & Ghisolfi (M&G) filed for bankruptcy protection under Chapter 11 on Tuesday.

Blue plastic water containers with white lids attached by rope. Photo by Design Pics Inc/REX/Shutterstock

The subsidiary, M&G Polymers USA, made the filing in US Bankruptcy Court, Delaware District.

M&G said it had 200-999 creditors. It had $500m-1bn in assets and $100m-500m in liabilities.

The companies with the largest unsecured claims include Indorama Ventures at $57m, Shell Chemical at $20m, as well as Eastman Chemical at $1.2m.

The case number is 17-12268.

Last week, M&G said that it filed before an Italian court an "application for admission to the arrangement with creditors procedure", or "Concordato Preventivo", under that country’s bankruptcy law, in order to ensure the equal treatment of creditors.

This filing will affect its Mossi & Ghisolfi (M&G), M&G Finanziaria, Biochemtex, Beta Renewables, Italian Bio Products, IBP Energia, M&G Polimeri and Acetati Immobiliare companies.

M&G makes polyethylene terephthalate (PET).

Additional reporting by Stefan Baumgarten and Pavle Popovic