Metal Recovery Technologies Inc. announced that the Northern Indiana bankruptcy court has approved the Settlement Agreement with Meyado International Ltd. regarding the terms of their joint ownership of Metal Investments Trust Ltd.
MITL is a United Kingdom company that is the parent company of Meretec, Inc., a U.S. entity that proposes to operate a facility for the dezincing of galvanized steel scrap.
Under the terms of the settlement, MRTI will have a 20 percent ownership stake in MITL. Meyado has agreed to invest a total of $12 million in MITL's East Chicago, Indiana dezincing facility.
In addition, the settlement provides for the appointment of an MRTI representative to the board of directors of MITL. Timothy Peach has been selected to represent MRTI on the MITL board, subject to approval of this choice by MITL.
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