Casella Waste Management announced that it has completed the previously announced sale of its export recyclables brokerage business. Cash proceeds from the sale totaled approximately $5 million.
The company also said today that as a result of the previously announced adverse ruling from the Illinois Appellate Court on the New Heights rate case litigation, and the exercise by RTG of the option to purchase the company's remaining interest in the tire recycling operations, acquired as part of the KTI acquisition, it expects to take an impairment charge during the fourth quarter of approximately $8.5 million, $7.5 million of which is non-cash.
The impairment charge represents the full write-off of the company's remaining investment in RTG's tire recycling operations and New Heights Recovery & Power, L.L.C., which holds a power generation facility and tire recycling operation.
The Appellate Court ruled against New Heights in its claim to receive a retail payment rate for electricity generated at the facility. New Heights is petitioning to have the case heard by the Illinois Supreme Court.
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