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Texas, 2017: Bankrupt M&G Chemicals puts Corpus Christi desalination unit up for sale

Bankrupt chemicals firm sells desalination unit, Corpus Christi, Texas

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In November 2017, Water. Desalination + reuse (Faversham House) reported, citing ICIS, that M&G Chemicals planned to dispose of the desalination unit attached to its unfinished PET resin plant in Corpus Christi, Texas. The company, part of Italy's Mossi & Ghisolfi group, had sought Chapter 11 protection in Delaware in October 2017. Cost overruns had pushed the plant's construction bill to US$2.4 billion. The sale package also included sites in West Virginia and Ohio, and bidders were asked to register interest by 16 January 2018.

The case showed that desalination capacity also sat within large industrial projects and could change owners when such projects fail financially.

Source: Water. Desalination + reuse (Faversham House)

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