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M&G Ch. 11 Exit For Some European Affiliates OK'd In Del.

Law360 (September 13, 2018, 8:17 PM EDT) -- A Delaware bankruptcy judge approved a deal Thursday to release three European affiliates from plastics-maker M&G USA Corp.’s Chapter 11 case, conditioned in part on immunity agreements and affiliate efforts to prune as much as $600 million from creditor claims in Mexico.

Judge Brendan L. Shannon approved the settlement, first outlined in court in mid-July, over objections from some European creditors about the releases. The judge noted that the deal was a potential cornerstone for the overall $1.8 billion bankruptcy.

“It settles a discrete collection of...
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