An Italian-based company has filed for bankruptcy protection this week putting a stop to a $1 billion plastics plant in the Coastal Bend. M&G filed the papers Tuesday at a court in Delaware showing the company has up to $500 million in liabilities.
Construction on the plant begin in 2013 along the Joe Fulton international Trade Corridor. The project was set to be completed in late 2015, but court papers show that ongoing disputes with engineering and construction firms along with hurricane Harvey were the reason for the delays.
M&G now plans to sell the unfinished project which sits on more than 400 acres. The plant was set to be the largest of its kind and employ 250 people.