Date: May 23, 2016
Source: News Room
A large Atlanta recycling company has filed for bankruptcy protection amid falling commodity prices that have beset the waste and recycling industry. QRS Recycling of Georgia LLC filed Chapter 11 on May 20 in U.S. Bankruptcy Court in Atlanta. According to its court filing, beginning in 2014 the company began incurring significant operating expenses in connection with the reorganization and expansion of its business, investing significant capital into its facility, which relied upon new technologies that required greater capital investments than the company initially expected. Also beginning in 2015, the company "was impacted by the downturn in the price of oil, plastic and other related commodities. The low market prices of oil, oil-based plastics and other related commodities have forced the [company] to lower the prices that it sells its recycled plastic materials for." QRS has affiliates that are not part of the filing. They include operations in Baltimore, Md., Louisville, Ky., New Albany, In., and St. Louis, Mo., the company "was part of one of the largest recycling networks in the country, processing thousands of tons of post-consumer plastic, paper, cardboard, metal and commercial dry waste."
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