The bankruptcy nightmare on Mossi & Ghisolfi will decide the court – A glimmer opened when Eni had shown interest in Biochemtex, but in the end of February the cold shower arrived at the Ministry of Economic Development – Bankruptcy Mossi Ghisolfi court - Arhive

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The bankruptcy nightmare on Mossi & Ghisolfi will decide the court

A glimmer opened when Eni had shown interest in Biochemtex, but in the end of February the cold shower arrived at the Ministry of Economic Development

Bankruptcy Mossi Ghisolfi court

The Mossi & Ghisolfi laboratory in Tortona

Piero Bottino Tortona

Source : LA STAMPA  TORINO

The biofuel, that is the “green petrol” from plants, was to be the future of the Mossi & Ghisolfi group of Tortona, already a leader in innovation applied to the pet sector, the plastic material used to make biodegradable plastic bottles for example. Instead it did not go like this: the crisis broke out last year earlier in the US company M & G Chemicals, based in Texas, submitted to the «Chapter 11», a bankruptcy procedure. Then the request for an arrangement with creditors with a year of layoff from 2 November also for the Italian ones, with offices in Tortona (the Biochemtex and adjoining research center) and in Crescentino in Vercelli (the second-generation ethanol factory). A total of 227 employees are involved.

A glimmer opened between December and January when Eni had shown interest in acquiring in some way both the Biochemtex and the Vercelli plant. But at the end of February, in a meeting at the Ministry of Economic Development, the cold shower arrived: the chemical colossus would have made an offer that only satisfies a minimum part of the credits and there is therefore the prospect that the Court will not take into account for the concordee of the arrangement. If so, the alternative would probably be bankruptcy with subsequent extraordinary management waiting to be able to sell the plants of the group, perhaps separately.

The Mossi & Ghisolfi had lived seasons of considerable development under the guidance of Guido Ghisolfi, who died tragically three years ago.

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