Case timeline

1. Oct 302017
   Petition: M&G USA files Chapter 11 after Corpus Christi cost blowout

   M & G USA Corporation and 11 affiliates filed Chapter 11 in Delaware after the Corpus Christi PTA/PET project blew through its economics. Dennis Stogsdill of Alvarez & Marsal said the plant was originally budgeted at $1.1 billion, had already consumed $1.86 billion, and still needed another roughly $505 million to finish, while mechanics' liens topped $196 million. The broader M&G chemicals group reported $1.6 billion of 2016 revenue and more than 950 employees globally, but liquidity had already deteriorated enough to shut the Altamira, Mexico facility on September 5, 2017 and the Apple Grove, West Virginia plant on October 22, 2017. At filing, the debtors said they carried nearly $1.7 billion of debt, including a $436 million Inbursa facility and a $435 million DAK Americas capacity-reservation obligation, and they paired the petition with a superpriority DIP request for up to $100 million from Control Empresarial de Capitales, with an initial $20 million commitment, to stabilize operations and run a sale process. source filing source filing source filing

   Sources and provenanceOctober 30, 2017