Creative Recycling files for bankruptcy

Creative Recycling, a Tampa, Florida-based electronics recycler, has filed for bankruptcy protection and is looking at suitors. In a report in the Tampa Bay Business Journal Robert Swett, the receiver and chief restructuring officer in the Creative Recycling Systems Chapter 11 bankruptcy case, reveals three potential buyers for the company.

Swett also is managing partner with Robert Swett Consulting LLC, a Florida-based business consulting group that specializes in turnarounds, crisis management and financial solutions.

A Tampa Bay Business Journal article posted online Sept. 8, 2014, notes that the receiver has found three “interested strategic buyers” for Creative Recycling’s assets:

• Colt Refinery & Recycling, based in New Hampshire, which processes more than 20 million pounds of electronic material each year;
• Kuusakosi Recycling, which has electronics recycling operations that span 12 countries and 48 U.S. states and has recently begun converting CRT glass to alternative daily cover at landfills and has its U.S. headquarters in Plainfield, Illinois; and
• CIMMA Recycling, based in Lakeland, Florida, which is backed by the appliance recycling firm JACO Recycling.
   

The company also has three unnamed private equity groups interested as financial investors, the article notes.

Meanwhile, Creative Recycling is working to unload 30 million pounds of cathode ray tube (CRT) glass around the country.

Creative Recycling told the business journal that it intends to ship or transfer at least 75 percent of the CRT glass to facilities in the U.S. and India.