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Polyethylene terephthalate (PET) bottle recycler CarbonLite Holdings LLC, headquartered in Los Angeles, claims to have filed a voluntary petition for reduction underneath Chapter 11 of the Chapter Code in the US Chapter Courtroom for the District of Delaware. The corporate cites pressures immediately associated to the coronavirus pandemic, together with non permanent manufacturing slowdowns attributable to worker sickness, the low worth of virgin plastic in comparison with recycled PET (rPET) and the nine-month delay in l The official opening of CarbonLite’s new facility in Pennsylvania attributable to journey restrictions which have slowed the entry into service of kit by European producers, as elements in its determination to reorganize.
The submitting issues the three amenities of CarbonLite, in California, Texas and Pennsylvania, in addition to its Californian subsidiary, PinnPack Packaging. Manufacturing in any respect of those amenities will proceed as typical with out interruption, as will funds to all staff, the corporate stated in a press launch concerning the submitting. Layoffs aren’t being thought of, nor will prospects see provide disruptions in the course of the reorganization interval, CarbonLite provides.
“Now we have chosen to take this crucial step at a time of unprecedented challenges and we count on to emerge from the reorganization much more firmly positioned for the longer term,” stated Leon Farahnik, CEO of CarbonLite Recycling. “Our prospects, all of whom have steadily elevated their commitments to utilizing recycled plastic of their merchandise, have expressed confidence on this course of and our considerate determination.”
The corporate claims to have incurred heavy capital expenditures for the latest enlargement of its Dallas plant and the development of its 270,000 sq. foot plant in Studying, Pa., which has begun restricted manufacturing in October of final yr. This plant is supplied with superior robotic methods and its grand opening is scheduled for this spring.
CarbonLite stated he plans to incorporate contract renegotiations with prospects to make sure the corporate’s monetary power. It provides rPET to all main beverage corporations in North America, together with Coca-Cola, Nestle Waters North America, PepsiCo and different world beverage manufacturers.
The corporate has opened its first plant in Riverside, California in 2012, adopted by factories in Dallas and Studying. When the Studying plant is absolutely operational, CarbonLite says it should recycle greater than 7 billion plastic bottles per yr.