One of America’s most prominent plastics recycling innovators, ECO2 Plastics, Inc., has filed a voluntary petition under Chapter 11 of the US Bankruptcy Code after failing to identify new sources of liquidity.
Over recent months, the company has been looking to reduce its costs by, for example, ceasing operations at its former production facility while pursuing plans - including funding - to develop a new production venture. It is now seeking bankruptcy protection in order to better manage its operations through an orderly restructuring process. ‘We believe that Chapter 11 is necessary to restructure the company’s outstanding debt, and establish a sustainable, long-term capital structure for the business,’ says Chief Executive Officer Rod Rougelot.
Based in Menlo Park, California, ECO2 Plastics is a publicly-traded company engaged in PET recycling. Its award-winning, patented process was developed through a research partnership with Honeywell FM&T and the US Department of Energy. ECO2 Plastics is the exclusive worldwide licensee of the patented and patent-pending technology.
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