February 22, 2018 / 12:17 AM / 9 months ago

Bankrupt M&G argues for more time for Chapter 11 plan to press sale

Plastics maker M&G USA Corp needs an extra 120 days to file a plan of reorganization because of delays in selling a $2 billion plant in Texas that is critical for recoveries for its creditors, the company said in court papers on Tuesday.

“Until that sale process is concluded, the debtors are unable to predict with any certainty creditors’ level of recoveries,” M&G said in its papers.

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