
A notice on the website of B.P. Greer Recycling, Reidsville, North Carolina, says the company’s assets will be going up for auction Friday, Dec. 4, 2015.
“The Bankruptcy Court for the Middle District of North Carolina has ordered the auction of B.P. Greer Recycling, Inc. as a going concern,” states the company’s website. The auction, in which “prospective bidders must be preapproved,” has been scheduled for 12 p.m. Eastern Time Dec. 4. The opening bid has been set at $2.525 million.
In addition to its yard in Reidsville, the company has locations in Mebane, North Carolina, and Lynchburg, Virginia.
B.P. Greer Recycling filed for Chapter 11 bankruptcy protection Oct. 20, 2015, with a list of more than 125 creditors owed debts that reportedly total somewhere between $10 million and $50 million.
According to an article on the Grensboro.com website, one creditor alone—Greensboro, North Carolina-based Carolina Bank—is owed $9.3 million by the recycling company.
Carolina Bank says in a legal filing that it committed to make three loans totaling $9.3 million to B.P. Greer Recycling in the summer of 2013, as well another $1 million loan in early 2014. According to the onlne report, Carolina Bank is seeking status as having a priority claim on B.P. Greer’s assets.
An online service that makes court documents available says there are more than 125 creditors involved in the case, including scrap recyclers and brokers and equipment makers.
Those interested in taking part in the auction are urged to contact Thomas J. McGoldrick of Anderson Bauman Tourtellot Vos & Co. at tmcgoldrick@abtv.com.
Latest from Recycling Today
- Malaysian customs office seizes scrap containers
- Lindner establishes Brazil subsidiary
- Tire recycling veteran predicts growth in pyrolysis
- ShearCore adds FC95 to concrete processor line
- The Scrap Show: Kamlesh Jain of Jain Metal Group
- Amcor expanding PCR capabilities in Kentucky
- CAA submits amended plan in Colorado
- Tetra Pak finances installation of AI-powered optical sorting technology