North East Waste Services, Inc. has acquired the operating subsidiaries of Waste Systems International, Inc. by funding WSI's Chapter 11 reorganization plan. WSI emerged from Chapter 11 late last month.
WSI and its 30 subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U. S. Bankruptcy Code on January 11, 2001.
NEWS is a privately held company.
"The formation of North East Waste Services and the successful reorganization of WSI has resulted in a stronger, more focused player in the waste management industry. The Chapter 11 process provided WSI with the opportunity to address its financial and capital structure challenges in an orderly and comprehensive fashion," said John Boyer, the company's president and CEO. "North East Waste Services has a very strong balance sheet and solid operations."
During its reorganization process, WSI completed numerous sales of non-core assets, including transfer stations in Londonderry, New Hampshire and Lynn, Massachusetts and hauling operations in Boston, Massachusetts and Washington, D.C. WSI also enhanced its information systems, simplified its operating structure and significantly reduced corporate overhead.Get curated news on YOUR industry.
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