Several waste companies feel impact of SP Newsprint bankruptcy.
Another major paper recycler is seeking bankruptcy court protection and its list of top unsecured creditors has some familiar names in the world of waste and recycling.
SP Newsprint Holdings LLC and subsidiaries SP Recycling Corp. and SP Newsprint Co., sought protection under Chapter 11 of the U.S. Bankruptcy Code after indicating profits aren't enough to cover its debt.
SP Newsprint, which for years was owned by a trio of newspaper publishing companies, has been under the control of Peter Brant since early 2008 when he paid $350 million for the company that operates recycled-based newsprint mills in Newberg, Ore., and Dublin, Ga.
SP Recycling runs a sizeable network of paper recycling sites that collect and funnel used paper to those manufacturing sites and provides recyclables to other companies.
SP, in its Chapter 11 filing U.S. Bankruptcy Court for the District of Delaware, indicated that Waste Management Inc. is the company's largest unsecured creditor and is owed $3.78 million. Rock-Tenn Recycling is second at $1.42 million on a list that also includes FCR Recycling of Williston, Vt., at $813,314.
Several other companies on the unsecured creditors list that apparently have ties to the recycling end of SP's business include KT Brokerage Ltd. of Victoria, British Columbia, which is owed $615,379; and Paper Stock Dealers Inc. of Knoxville, Tenn., part of Sonoco Products Co., which is owed $602,791. Pratt Industries Recycling of Conyers, Ga., is owed $572,915; and Rumpke Consolidated Companies Inc.'s recycling business, near Cincinnati, is owed $473,477, according to the bankruptcy court document.
Another recycler, Tidewater Fiber Corp. of Chesapeake, Va., is owed $455,514; and Allied Waste of Greenville, S.C., a unit of Republic Services Inc., is owed $421,854, records show. Continental Paper Grading Co. of Chicago, a recycled paper broker, is owed $344,216.
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|Publication:||Solid Waste Report|
|Date:||Dec 21, 2011|
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