Caribe Recycling LLC has filed for Chapter 7 bankruptcy
liquidation in federal court, listing liabilities totaling
nearly $1.87 million but no assets.
Puerto Rico-based recycler purchased ferrous and nonferrous
materials and oversaw construction and demolition projects. In
June, management informed the companys board of directors
that it was in its best interest to wind down operations, as
creditors were threatening lawsuits and the facility would not
be able to fulfill its obligations as they matured.
A meeting of
creditors, which include Rancho Cucamonga, Calif.-based
Advanced Steel Recovery LLC, Ontario, Calif.-based Coast Metals
Inc. and Bayamón-based Structural Steel Works Inc., is
scheduled for Sept. 4.
manager Ruben Varela Ortiz, who signed the Chapter 7
application filed in U.S. Bankruptcy Court in Puerto Rico, nor
the company could be reached for comment.