Bancomext Sues M&G In Ch. 11, Probes $550M Transfers

Law360 (March 7, 2018, 3:46 PM EST) -- Mexico's Bancomext export-import bank launched a Delaware bankruptcy court suit against M&G USA Corp., its parent and affiliates on Wednesday, accusing them of fraudulently shifting as much as $550 million from nondebtor plants in Mexico to a giant plastics complex in Corpus Christi, Texas.

The Chapter 11 action by Banco Nacional de Comercio Exterior, or Bancomext, followed by one day a Delaware bankruptcy judge's authorization for examinations of the cross-border transfers.

Officials for the bank said they wanted examination authority to determine if M&G Mexico Holding and...
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