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RIEDEL ENVIRONMENTAL TO SUSPEND OPERATIONS AT PORTLAND COMPOSTING FACILITY

 RIEDEL ENVIRONMENTAL TO SUSPEND OPERATIONS
 AT PORTLAND COMPOSTING FACILITY
 PORTLAND, Ore., Jan. 22 /PRNewswire/ -- Riedel Environmental Technologies Inc. (AMEX: RIE) announced today it would suspend operations at its Portland, Ore., garbage composting facility by the end of January. The facility has been in testing since the spring of 1991 and has experienced a number of operational difficulties, including some odor emissions.
 The company has submitted a plan for odor control to the Oregon Department of Environmental Quality. The cost of the odor control plan is expected to be approximately $3.5 million, according to Gene Martone, president of Riedel Oregon Compost Company Inc. (ROCCI), the Riedel subsidiary which owns the plant. ROCCI has been unable to secure additional financing for the odor control improvements. In addition, ROCCI has been experiencing negative cash flow from operations at the facility in excess of $200,000 per month.
 The facility was financed in part by municipal bonds with a Credit Suisse letter of credit which guarantees repayment of the bonds. As previously announced, Credit Suisse has notified ROCCI of defaults under the letter of credit documents. Martone said the negotiations between the company, Credit Suisse, and the Metropolitan Service District have been under way concerning the future of the plant for some time.
 -O- 1/22/92
 /CONTACT: Dave Rynd of Riedel Environmental Technologies, 503-285-9111/
 (RIE) CO: Riedel Environmental Technologies Inc. ST: Oregon IN: SU:


RR-LM -- SE006 -- 2542 01/22/92 18:06 EST
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Publication:PR Newswire
Date:Jan 22, 1992
Words:241
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