Date: July 22, 2012
Source: News Room
Innovative waste-by-rail company TransLoad America Inc. (South Orange, NJ) filed bankruptcy last month following years of unfulfilled promise. The company acquired the 1,400-acre Central Waste Inc. landfill in Smith Township, Ohio in 2006 with plans to bring in shrink-wrapped baled waste via rail cars originating from the northeast. $45 million in revenue bonds issued by the Western Reserve Port Authority and Mahoning county, Ohio, allowed Transload to borrow at relatively low interest. However, delays in infrastructure improvements needed to get the waste there, regulatory hurdles and the tepid economy prevented them from accepting much more than 1,200 tons per day, far short of their dream to import more than 3,000 tons per day from elsewhere. The landfilled stopped operating once the company filed for Chapter 7 under the U.S. Bankruptcy Code on June 13.
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