Plastic Recycler CarbonLite declares personal bankruptcy

CarbonLite Holdings LLC, which distinguishes itself as the world’s largest recycler of plastic bottles, filed for bankruptcy protection on Monday, citing disruptions due to the coronavirus pandemic.

CarbonLite filed a Chapter 11 petition in the U.S. Bankruptcy Court in Delaware affecting the company’s main facility in Riverside, California, and other recycling facilities in Texas and Pennsylvania serving major beverage companies such as Coca-Cola Co., Nestle Waters North America Inc .. and PepsiCo.

The bankruptcy filing listed estimated liabilities of $ 50 million to $ 100 million and assets between $ 10 million and $ 50 million.

According to CarbonLite, the Covid-19 pandemic temporarily slowed production due to employee illness and caused a nine-month delay in opening the Pennsylvania plant due to travel restrictions that made it difficult to obtain certain equipment.

Founded by plastics entrepreneur Leon Farahnik, CarbonLite claims to be the world’s largest manufacturer of recycled food-grade plastic, recycling more than seven billion plastic bottles annually.

Comments are closed.