Mossi Ghisolfi Group files for “concordato preventivo”
Italy-headed Mossi Ghisolfi Group, an international group of companies specialised in the design, engineering and construction of chemical processes and chemical compound plants within the polymer, polyester and biofuels sectors has announced that it has filed for “concordato preventivo”.
The Mossi Ghisolfi Group is controlled by M&G Finanziaria, which is owned by the Ghisolfi family. According to a statement, Mossi Ghisolfi Group has filed an application for admission to the arrangement with creditors procedure (“Concordato Preventivo”) at the Tribunal of Alessandria in accordance with article 161 sixth paragraph of the Bankruptcy Law, in order to ensure the equal treatment of creditors for the following companies:
- Mossi & Ghisolfi S.p.A.
- M&G Finanziaria S.p.A.
- Biochemtex S.p.A.
- Beta Renewables S.r.l.
- Italian Bio Products S.r.l.
- IBP Energia S.r.l.
- M&G Polimeri S.p.A.
- Acetati Immobiliare S.p.A.
The companies are studying a proposal for an arrangement that will allow their overall activities to continue as a going concern, although they cannot exclude alternative solutions at the end of the ongoing technical assessments.
The group’s activities are sub-divided into the following businesses:
- PET, its raw materials, and engineering relating to plants for these products: it is in this area that the companies controlled by M&G Chemicals operate in the Americas and Asia, including Chemtex. Chemtex specialises in the design and construction of plants for the production of chemical compounds;
- Biofuels, chemical products derived from non-food biomass and engineering relating to these plants: it is in this area that the Biochemtex, Beta Renewables, Biochemtex Agro and IBP companies operate. The operations on renewables are carried out for the most part in Italy;
- Polyester fibre: this business operates exclusively in Brazil;
- Polimeri Italia – European PET resin production industry, including the production of biodegradable polymers: plant located in Patrica, Italy