USPL Expects Profits; Receives Extension

U.S. Plastic Lumber Corp. expects to report positive operating income in both divisions for the first time in 18 months and has entered into a forbearance extension with its Senior Lenders.

Mark Alsentzer with USPL said, "USPL has worked diligently over the last year to restructure its plastic lumber division and turnaround those operations. It is very apparent that our restructuring efforts have been successful. This is the first time in 18 months that we will be reporting a positive operating income for the plastic lumber division, and it is occurring in a seasonally weaker quarter. We will be reporting positive operating income for each of January, February and March 2002 for both the plastic lumber and environmental division, and estimate that earnings before interest, taxes, depreciation and amortization for the first quarter of 2002 will exceed $2.5 million, exclusive of corporate overhead." Alsentzer added.

USPL also agreed to a new Forbearance Agreement with its Senior Lenders in connection with USPL's Senior Credit Facility. The Forbearance Agreement extends the forbearance period through May 31, 2002. Under the terms of the Forbearance Agreement, the Senior Lenders agreed to accept interest only payments through March 31, 2002, which are to be paid over the next 60 days, and allowed us to defer the April 1, 2002 principal payment until the earlier of May 31, 2002 or the sale of certain of our assets.

Pursuant to the terms of the Forbearance Agreement, the Senior Lenders also agreed not to take any action against the company with respect to any covenant violations as of March 31, 2002.

USPL's plan to sell its environmental division have been delayed because New CEI, Inc., the purchaser, is having difficulty in raising all the necessary financing to close the transaction. Presently, New CEI, Inc. expects to be able to complete its financing requirements and be in a position to close the sale transaction in the second quarter.

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An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).

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SENNEBOGEN 340G telehandler improves the view in Macon County, NC

An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).

Sponsored Content

SENNEBOGEN 340G telehandler improves the view in Macon County, NC

An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).

Sponsored Content

SENNEBOGEN 340G telehandler improves the view in Macon County, NC

An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).