Lienholders Slam M&G's Proposal To Settle $250M In Claims

Law360, Wilmington (January 12, 2018, 7:54 PM EST) -- Construction lienholders with $250 million or more in claims against bankrupt M&G USA Corp.’s $1.7 billion case dismissed the debtor’s proposed Chapter 11 claim settlement process as an “abject failure” late Thursday, and urged the Delaware Bankruptcy Court to reject the plan.

Most of the liens involve work or materials for an ambitious attempt to expand M&G’s Corpus Christi plant into the world’s largest source of plastic resins. The Corpus Christi project was originally expected to cost $1.1 billion by its 2015 completion, but had reached $1.86 billion by the bankruptcy filing date, with $505 million more needed to finish and...

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