ECS Refining Bankruptcy Opens New Doors
The ECS Refining bankruptcy case (# 18-22453-D-11) has shifted to liquidation and immediate facility closures across the U.S. According to public court documents acquired through PacerMonitor U.S. Bankruptcy Court Judge Robert Bardwill authorized W.Donald Gieseke the bankruptcy trustee appointed to this case to spend $657,000 from the failing company’s 1.06 Million dollar cash reserve to pay the 300+ employees that abruptly lost their jobs last week as the company began shuttering facilities.
ATR first reported on the ECS Refining Bankruptcy filings on April 27th when the company filed for Chapter 11 bankruptcy protection to prevent a hostile takeover from their primary lender Summit Bridge. The ATR ECS Refining bankruptcy article outlines the details surrounding the failed attempt to block the takeover and sell the company while still intact. The July 2, 2018 filings indicate Summit Bridge’s attorney Tom Mouzes felt the best course of action was to wind down the company and sell off remaining ECS Recycling assets to cover the $32+ Million Dollar debt.
How will the ECS Refining Bankruptcy affect me?
The biggest impact will be felt by the 341 people that ECS Recycling employed and the remaining stake holders that make up 90% of the company’s investment partners including Summit Bridge who lead the charge to end the company’s 40 year run in the recycling industry. Primary reports indicate ECS Refining received 40% of all residential materials collected under the Oregon OEM take back program but a spokeswoman for the Oregon DEQ was quoted in the Portland Tribune as saying “I don’t think it will cause any major problems to the program” but increases for new electronics purchased in Oregon will likely go up to cover end of life recycling costs.
Can ATR help with the ECS Recycling Bankruptcy fallout?
Yes, ECS Refining customers can click here to get more info and see how ATR can help you mitigate your risk. ATR has (9) R2 certified facilities throughout the U.S. which is 4 times the number ECS Refining operated which makes Advanced Technology Recycling the #4th largest R2 certified recycler in the world. ATR has an impeccable service record, maintains a healthy debt free bottom line and we’ve made a commitment to prioritize and escalate all pickup requests from former ECS Recycling customers. Advanced Technology Recycling (ATR) is a privately held ITAD (Information Technology Asset Disposition) management company that has been family owned and operated since 1992. ATRs debt free fiscally responsible business model eliminates our clients risk from the hazards associated with Bankruptcies and Private Equity Partnership and Financing models. ATR’s (9), R2, ISO:14001, OHSAS:18001 certified facilities are located throughout the U.S. and ATR’s technologically advanced infrastructure is unmatched in the Recycling and ITAD industry. ATR provides Secure Reverse Logistics & Destruction Programs, Free Online Reporting, Transparent Profit Sharing programs with quarterly P&L statements and a wide range of Recycling and Asset Management programs that can be tailored to meet specific customer needs. If you would like the most advanced Electronics Recycling company in existence competing for business chat with a customer service team member now at www.ATReCycle.com or email us for a confidential and free quote Support@ATReCycle.com ReThink Electronic Recycling and ThinkATR!