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Far Eastern is 'successful' bidder for WV PET plant, R&D center

HOUSTON, January 31, 2018 (PCW) -- M&G Polymers' shuttered PET plant in Apple Grove, West Virginia, will likely soon have a new owner.

Far Eastern Investment (Holding) Ltd was the "successful" bidder for the Apple Grove plant and a PET research and development center in Sharon Center, OH, at $33.5 million, according to a bankruptcy court notice on Monday.

Far Eastern, a holding company based in Bermuda, is owned by Taiwan PET producer Far Eastern New Century Corp.

The U.S. Bankruptcy Court for the District of Delaware will now review the bid on Wednesday at a hearing, during which the sale could be approved. The "backup" bid was made by Indorama Ventures Holdings LP, which operates three PET plants in the US.

Apple Grove's PET capacity is 360,000 metric tons/year. It was shut down on Oct 22, 2107, two days before M&G and 11 of its affiliates filed for bankruptcy protection.

The court will hold an auction on Mar 8 to sell the rest of M&G's assets. Its largest asset is the unfinished Project Jumbo, designed to be the world's largest PET plant with capacity of 1.1 million mt/year. Work on Jumbo was halted in Oct due to the bankruptcy filing.

Unsecured claims against M&G total $568 million, according to court documents. This ranges from FedEx at $35 to Indorama's Montreal business at $67.4 million. -- Xavier A Cronin

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