Date: March 28, 2002
Source: News Room
Waste-management company USA Biomass Corp. failed to file its annual report by the April 1 deadline because of staffing issues, according to forms filed with the Securities and Exchange Commission. The company filed for Chapter 11 protection on Dec. 8, 2000, and on that day its independent accountant, Kelly & Co., resigned. USA Biomass said it cannot hire new accountants without getting approval from the U.S. Bankruptcy Court in Los Angeles. USA Biomass expects to report a loss of about $886,000 for the year ended Dec. 31, 2001. The figures compare with an estimated loss of about $1.9 million for the year ended Dec. 31, 2000. USA Biomass said that due to its bankruptcy filing and the reduction in its financial, accounting and administrative staff and the loss of accountants, it can't quantify the amount of the loss for the year ended Dec. 31, 2000. USA Biomass, including its subsidiary American Waste Transport, handles more than 10,000 tons per day of green waste and municipal solid waste,which it transports under contract for Waste Management Inc. and Allied Waste/BFI.
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