Runions Recycling Inc. has closed its operations in
Roseboro, N.C., and filed for Chapter 7 bankruptcy liquidation
in U.S. Bankruptcy Court.
The recycler shut its
doors at the end of July, giving workers 48 hours notice,
according to an employee.
listed liabilities of $766,231 and assets of $1,488,600,
reported $3 million in income through Aug. 14 compared with
$7.4 million in gross income in 2011, according to court
documents. It listed unknown income for 2012 because the
operation was sold, but Douglas Runion took the company back
when he did not receive payment for the acquisition.
The only metals
company included in the creditors list is Raleigh, N.C.-based
Raleigh Metal Recycling, which is owed $40,043 for a loan,
according to the court documents.
It is unclear whether
the equipment will be headed to auction as neither Runion nor
his attorney could be reached for comment.
A creditors meeting is
scheduled for Sept. 23.