The B’s: bankrupt, billion, biggest, boiler

​​​​CORPUS CHRISTI – A bankrupt plastics plant that had been under construction since 2013 now might be completed and put into operation.

In late March 2018, a federal bankruptcy judge in Delaware approved the sale of the plant to Corpus Christi Polymers.

Bankrupt company M&G USA Corp. agreed to sell the plant, its desalination/boiler plant, and certain intellectual property for $1.125 billion to the newly formed joint venture put together just to make this purchase.

The 85 percent complete plastics plant ran over budget, causing M&G to file for bankruptcy in October 2017. 

The M&G plant will be the biggest facility of its kind in the world; it is expected to produce about 1.1 million metric tons of purified terephthalic acid and polyethylene terephthalate a year.