M&G puts its plant in Texas on sale
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, M&G USA Corp. is planning to sell its incomplete plant located in Corpus Christi, Texas.
The company reportedly made a filing to execute the selling of its Corpus Christi plant and other US assets amid financial problems, following its parent company, the Italian PET producer Mossi & Ghisolfi Group (M&G), as it previously filed for bankruptcy protection in Italy.
The $1 billion plant is reportedly completed by 85% on the back of technical issues resulting in cost overruns. The company missed its start-up deadlines for multiple times in the past as the plant was initially slated to come online in December 2016.
The company reportedly made a filing to execute the selling of its Corpus Christi plant and other US assets amid financial problems, following its parent company, the Italian PET producer Mossi & Ghisolfi Group (M&G), as it previously filed for bankruptcy protection in Italy.
The $1 billion plant is reportedly completed by 85% on the back of technical issues resulting in cost overruns. The company missed its start-up deadlines for multiple times in the past as the plant was initially slated to come online in December 2016.
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