- Creative Recycling Systems (CRS) has announced it is filing for bankruptcy. The Tampa, FL-based electronics recycler expects to close at least ten locations across the country as part of the process.
- Robert Swett, the chief restructuring officer involved in the bankruptcy process, released a report saying three potential buyers are interested in acquiring the company.
- The report names three interested strategic buyers: Colt Refinery, Kuusakoski U.S. and CIMMA Recycling. Three private equity firms are also mentioned as showing interest in being investors.
As it goes through bankruptcy proceedings, the company is working to get rid of 30 million pounds of cathode ray tube (CRT) glass it has stored throughout the United States.
The Consumer Electronics Association issued a 2013 report that estimates 20% of recyclers experience difficulty with markets for CRT. It was determined that while there are vendors for CRT, the glass is being stockpiled as recyclers scramble to find a viable solution for the used glass.
Experts in the industry estimate the cost of processing the stockpiled tubes could be a substantial expense for CRS, and could top $2 million for processing alone. CRS mentioned it expects to transport a minimum of 75% of the glass to facilities in India and the U.S.