The nation’s largest glass recycler has filed for bankruptcy, but plans to keep crushing glass during voluntary restructuring.
Strategic Materials, Inc., or SMI, maintains plants and offices in 42 locations across the U.S., including 195 Minnehaha Ave., just off Interstate 35-E in St. Paul.
SMI submitted reorganization plans when it filed for Chapter 11 bankruptcy on Dec. 4 alongside its 15 affiliates in U.S. Bankruptcy Court’s Southern District of Texas Houston division. The company obtained $23 million to finance ongoing operations as the case moves forward, according to documents made public by the Kroll Restructuring Administration of New York.
If approved by the courts, reorganization will allow the company to remain in business while reducing its debt by more than $300 million, according to the trade newsletter Glass International.
An initial hearing was held Dec. 5 and a follow-up is scheduled for Jan. 10.
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