M&G Polymers files bankruptcy amid parent group’s Italian proceedings

By Caroline Salls

Pittsburgh, Oct. 25 – M&G Polymers USA, LLC filed Chapter 11 bankruptcy on Oct. 24 in the U.S. Bankruptcy Court for the District of Delaware.

On Oct. 17, the Mossi Ghisolfi Group announced that several group companies applied for admission to the arrangement with creditors procedure before the Tribunal of Alessandria.

M&G Polymers USA is a Mossi Ghisolfi subsidiary.

The group said the companies are studying a proposal for an arrangement that will allow their overall activities to continue as a going concern, although they cannot exclude alternative solutions at the end of ongoing technical assessments.

According to court documents, M&G has $500 million to $1 billion in assets and $100 million to $500 million in debt.

The company’s largest unsecured creditors are Indorama Ventures of Montreal, with a $56.7 million trade debt claim; Shell Chemical LP, based in Houston, with a $19.98 million trade debt claim; Unicredit SpA of Milano, Mich., with an estimated $15.7 million letters-of-credit claim; Banca Monte dei Paschi di Siena SpA of New York, with a $10 million bank loans claim; and Eastman Chemical Co. of Kingsport, Tenn., with a $1.19 million trade debt claim.

The company is represented by Pachulski Stang Ziehl & Jones LLP.

Mossi Ghisolfi is a Tortona, Italy-based polyethylene terephthalate resin maker. Houston-based M&G Polymers USA’s Chapter 11 case number is 17-12268.

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