Dive Brief:
- Liberty Tire Recycling Holdco and its subsidiaries agreed to a restructuring plan to help shrink its debt.
- After the process is complete, the tire recycling company said it expects to reemerge with a focused strategy, stronger balance sheet, more flexibility, and a solid customer base.
- The restructuring of the Pittsburgh, PA,-based company is expected to be finalized within 90 days.
Dive Insight:
Liberty Tire reclaims approximately 33% of used tires in the U.S., and transforms over 140 million tires into raw materials that are converted into sustainable products. In October, 2014, Liberty partnered with waste-to-energy firm Global Clean Energy to convert tire scraps into feedstock.