Florida- based electronics recycler moves to liquefy assets

TAMPA (Scrap Monster): Court documents indicate that Florida-based Creative Recycling Systems has moved to liquefy its remaining assets. The company had earlier filed for bankruptcy, which was approved by a Florida bankruptcy court judge Sep 3^rd last year.

The company sent out notice to potentially affected parties, stating that it intends to hold a meeting with creditors on 23^rd Jan, 2015. Creditors could file a proof of claim in the case before the date.

The multimillion dollar lawsuit filed by Regions Bank alleged that the company owes nearly $18.7 million to the bank. This forced the company to lay off its employees and close operations at various facilities. Service disruptions marred the North Carolina operations where creative held attractive assets. It opted out of municipal collection programs in 2013, but had held on to contracts in Mecklenburg County, Wake County and Moore County as well as with the city of Durham. But during summer 2014, the services to those clients were also terminated.

The company was in an attempt to locate a potential buyer. However, the Dec 16^th announcement to dissolve its assets indicates that Creative might have failed to reach productive agreement.

The inventory report submitted early-September had indicated that approximately 30 million pounds of CRT glass inventory was stored for processing at the company facilities spread across six different states. The inventory report indicated the approximate inventory break-up as follows:- Florida (6 million pounds), Illinois (1.5 million pounds), Kentucky (444,400 pounds), Maryland (7.6 million pounds), North Carolina (8.8 million pounds) and South Carolina (5.5 million pounds).