Date: July 19, 2016
Source: News Room
The City of Montgomery, AL said it will rescue a $35 million recycling facility that had closed last year. The city together with the Solid Waste Disposal Authority of the City of Montgomery will purchase the facility from current owner and former operator, Infinitus Renewable Energy Park (IREP), for a mere $625,000. Consequently, IREP plans to file for Chapter 11 bankruptcy. IREP originally opened the facility amid great fanfare in April 2014, but announced that it had closed temporarily in October 2015 due to the economic strain of poor pricing in the commodities market. "Although it's been a long road, today marks a significant step toward bringing one of the most technologically advanced recycling facilities in the nation back online," Montgomery Mayor Todd Strange. Following the sale, the city of Montgomery will work to formalize an agreement for another company to take over operations.
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