The firm was chapter 11 co-counsel to M&G USA Corporation and its affiliates, which comprised the "chemicals division" of Mossi & Ghisolfi S.p.A., formerly the largest privately owned chemicals company in Italy and one of the largest producers of polyethylene terephthalate ("PET") in North America. After commencing construction of what was contemplated to be the world’s largest vertically integrated PET plant in Corpus Christi, Texas, M&G experienced significant delays and massive cost overruns that ultimately precipitated its chapter 11 filing in the U.S Bankruptcy Court for the District of Delaware in October 2017. The company filed for bankruptcy with outstanding debt in the aggregate principal amount of nearly $1.7 billion. In December 2018, the bankruptcy court confirmed the company’s restructuring plan. After receiving antitrust approval, the company closed the sale of their Corpus Christi plant with a deal value in excess of $1 billion. The plan became effective on December 31, 2018. The chapter 11 plan provided for: (1) the payment or deemed payment in full of the company’s postpetition financing and prepetition first lien lender and other secured lenders, (2) the establishment of a reserve of $265 million to pay mechanics lien claims, and (3) the establishment of a litigation trust—funded by a cash pool of up to $50 million negotiated in connection with the sale of the Corpus Christi plant—to pursue and resolve claims and make distributions to creditors.

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