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Court approves sale of West Virginia PET plant to Taiwan PET producer
HOUSTON, February 2, 2018 (PCW) -- The sale of M&G Polymers’ 360,000 mt/year PET plant in Apple Grove, WV and R&D center in Sharon Center, OH to Far Eastern Investment Ltd was approved on Thursday by the US Bankruptcy Court for the District of Delaware. Far Eastern, a unit of the Taiwan PET producer Far Eastern New Century Corp, was the winning bidder for the assets in a court auction at $33.5 million.
The plant was shut down on Oct 22, 2017, 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. -- Xavier A. Cronin