U.S. Renewable Energy Company's Subsidiary Goes Bankrupt, Plastic Recycling Business Suffers a Setback
Brightmark announced that several of its subsidiaries located in Ashley, Indiana, have filed for Chapter 11 bankruptcy protection.
Photo: Brightmark
The renewable energy development company said in a statement that the Ashley plant "has secured commitments to obtain sufficient liquidity to maintain daily operations, and this application is not intended to have any impact on the employment of more than 90 employees at the plant. Currently, the bankruptcy court is seeking approval for these commitments."
The company stated that this restructuring is only for the Ashley plant. The plant is capable of processing 100,000 tons of plastic waste into pyrolysis oil and will not affect other business areas of Brightmark. Although the company did not specify the exact reason for filing the application, media reports suggest that it is related to a debtor allegedly owing hundreds of millions of dollars.
signing a memorandum of understanding
Bob Powell, the founder and CEO of Brightmark, said: "Today's application allows us to take control of our own future. This strategic move aims to ensure the long-term viability of the Ashley plant and enables us to sustainably grow our business. We are optimistic about the future of our plastics business, and our commitment to both the plastics business and the Ashley community is unwavering." Powell also mentioned the progress at the company’s circular center in Thomaston, Georgia, which is advancing through the air permit process.
Brightmark had previously planned to build the world's largest advanced plastic recycling and regeneration facility in Macon-Bibb County, Georgia. However, the project was declared a failure in 2022 due to the company's inability to deliver the final recycled products from its Ashley plant by the deadline.
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