Tennessee environmental regulators on Tuesday objected to the proposed Chapter 11 plan of recycling company Strategic Materials Inc., saying the plan doesn't account for the debtor's obligations tied to remediation at a Tennessee facility where glass recycling byproducts polluted a nearby stream.
The large glass recycler of windows and heavy laminated glass filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. It has secured commitments of $23 million, subject to court approval, for a debtor-in-possession financing facility from existing lenders to support business operations.
The nation’s largest glass recycler has filed for bankruptcy, but plans to keep crushing glass during voluntary restructuring. Strategic Materials, Inc., or SMI, maintains plants and offices in 42 locations across the U.S.,
/PRNewswire/ North America s largest glass recycler, Strategic Materials, Inc. (the "Company" or "SMI"), announced a comprehensive restructuring to position.