Mossi Ghisolfi Group(M&G) posted a statement on its website Tuesday saying that the Group has filed for an application of “concordato preventivo”, a form of bankruptcy protection.
Its M&G, M&G Finanziaria, Biochemtex, Beta Renewables, Italian Bio Products, IBP Energia, M&G Polimeri and Acetati Immobiliare companies will be impacted by this filing.
On Monday, Mexico-based PTA supplier Alpek said that M&G had closed 560kt/year Altamira plant due to liquidity constraints, and its 650kt/year Suape plant was operating with limited liquidity. Aplek has suffered a third quarter consolidated net loss thanks to charges linked with M&G.
It was disclosed at the end of September, that M&G will shut down its 250kt/year plant based in Mason county, West Virginia.