March 22, 2018 / 12:03 AM / 4 months ago

Binding bid for bankrupt M&G's Texas plant tops $1 billion

A joint venture of Taiwan’s Far Eastern New Century Corp, Thailand’s Indorama Public Co Ltd and Mexico’s Alpek SAB de CV, emerged on Wednesday as the top bidder for a partially built plant bankrupt plastics maker M&G USA Corp has been trying to sell after spending nearly $1.9 billion on the facility.

The venture, Corpus Christi Polymers LLC, has a binding bid of $1.125 billion on the plant in Corpus Christi, Texas, which is at the center of M&G’s bankruptcy.

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