PITTSBURGH Eco Caribe Recycling LLC has filed for Chapter 7 bankruptcy liquidation in federal court, listing liabilities totaling nearly $1.87 million but no assets.
The Bayamón, 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.
Neither general 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.