M&G files for bankruptcy protection including Biochemtex and Beta Renewables

In Italy, the court of Alessandria admitted Gruppo Mossi Ghisolfi companies to the “concordato preventivo” in accordance with article 161 sixth paragraph of the Bankruptcy Law. Eight companies of the group were included, including Biochemtex S.p.A. and Beta Renewables S.r.l.
The court granted all companies a term of 120 days starting from October 26, 2017 for the filing of the proposal of the composition with creditors, with the exception of IBP srl for which the court granted a term of 60 days.

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.