March 9, 2018 / 1:24 AM / 6 months ago

Mexico's export bank sues bankrupt M&G, seeks stake in Texas plant

M&G USA Corp was accused on Wednesday by Mexico’s export bank of pilfering $190 million from loans made to the plastic maker’s Mexican affiliates, and the bank is looking to a partially built Texas facility as compensation, according to court records.

In an adversary proceeding complaint in M&G’s Chapter 11 bankruptcy, Banco Nacional de Comercio Exterior, better known as Bancomext, argued it was the victim of fraud by the company, which could be remedied with a constructive trust on its cash and its plant in Corpus Christi, Texas.

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