Unisphere Files Bankruptcy Notice

Tire recycler Unisphere Waste Conversion Ltd. is going out of business after failing to obtain new financing to stay in business.

Unisphere announced that it has filed for bankruptcy under the federal Bankruptcy and Insolvency Act because the company "is unable to settle current liabilities as they become due." The company sought to attract new money to the enterprise, but "no other sources of financing are currently available," Unisphere said.

Unisphere uses old tires to produce value-added products, renewable energy and reusable raw materials.

The company operates a tire shredding business in Quebec and owns the rights to specialized rubber technology.