PET resin maker M&G Polymers USA LLC filed for chapter 11 protection on Oct. 24 in Delaware — one week after its parent firm, Mossi Ghisolfi Group, took the same step in in its home nation of Italy, PlasticsNews.com reported yesterday. In the U.S. Bankruptcy Court filing in Wilmington, Del., Houston-based M&G Polymers listed liabilities of between $100 million and $500 million and assets of between $500 million and $1 billion. Dennis Stogsdill has been named chief restructuring officer for the firm. M&G's largest unsecured creditor is PET and feedstocks supplier Indorama Ventures of Montreal, which is owed almost $57 million. Petrochemicals supplier Shell Chemical LP of Houston ranks second on that list, being owed almost $20 million.
