Mississippi Phosphates Corp. files for $20m bankruptcy protection

By James Sean Dickson
Published: Tuesday, 28 October 2014

MPC will be disappointed that the recent hiring of company turnaround specialist, Jim Sherbert, as CEO appears to have been too late to rescue the miner in the short term. The bankruptcy, however, should allow the company to restructure its business, and start afresh with its creditors.

Mississippi Phosphates Corp. (MPC) has voluntarily filed for Chapter 11 bankruptcy protection with the Southern Mississippi US Bankruptcy Court, located in Gulfport.

MCP — which previously filed for bankruptcy protection in 2003 — said that it has estimated that the value of its assets and liabilities is somewhere between $100m-$500m....

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