A bankruptcy judge has given the green light for the sale of a Corpus Christi, Texas, plastics manufacturing plant owned by M&G USA Corp., a move that will allow for its completion, the Corpus Christi Caller Times reported. The sale of M&G's Corpus Christi plant was approved on March 28 by U.S. Bankruptcy Judge Brendan L. Shannon. The judge's order allows a newly formed joint venture — Corpus Christi Polymers — to purchase the still-under-construction plastics manufacturing plant, its desalination/boiler plant and certain M&G intellectual property for $1.125 billion. The price includes cash and "other capital contributions," according to a prior statement issued by Corpus Christi Polymers on March 21. The deal needed the court's approval before it could go forward.
