Metal Management files for bankruptcy
Article Abstract:
Metal Management Inc, a scrap metal consolidating company based in Chicago, IL, has agreed in principle on a Chapter 11 bankruptcy restructuring that will give holders of its 10% subordinated notes virtually all of the company's equity. The filing was made after the company failed to make a $9 million 'balloon' interest payment due on Nov 15, 2000. As a result of the restructuring, company common and preferred stockholders now only own 1% of the company while the remaining 99% is held by the holders of the 10% subordinated notes. Metal Management's senior bank lenders, however, agreed to provide an additional 20 million loan to maintain the firm's operations.
Publication Name: Recycling Today
Subject: Environmental services industry
ISSN: 1096-6323
Year: 2000
User Contributions:
Comment about this article or add new information about this topic:
Should you standardize your fleet?
Article Abstract:
Scrap processing companies, irregardless of their size should consider the advantages of standardizing their equipment for maintenance and operational purposes. The management of material handling and processing equipment is difficult, and it becomes even more difficult when a scrap processor expands its operations. A mixed fleet is difficult to manage because scheduling operations, maintenance and repairs tend to be complicated. The factors to consider in choosing suppliers of standardized equipment are explained.
Publication Name: Recycling Today
Subject: Environmental services industry
ISSN: 1096-6323
Year: 2000
User Contributions:
Comment about this article or add new information about this topic:
A metal harvest
Article Abstract:
Allied Consolidated Industries Inc generates a substantial amount of scrap metal during its demolition jobs. Before making a bid on any demolition project, the company estimates the amount of recoverable metal on site. The company then sells the ferrous scrap to a nearby consuming mill, while the nonferrous scrap is shipped back to the company's property in Youngstown, OH.
Publication Name: Recycling Today
Subject: Environmental services industry
ISSN: 1096-6323
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Metal Management acquires stake in southern recycling. Abitibi to buy Donohue. Pennsylvania crusher acquires Jeffrey
- Abstracts: Metal Management makes Arizona purchase. Iannazzo steps down at Philip. Moving forward wisely
- Abstracts: Underdrain plate for potable water filtering provides for retention of media. Aeration technology adds productivity, saves money during contamination clean-up
- Abstracts: Scrap joint venture formed at Sparrows Point. International outlook brightens. Retail redemption
- Abstracts: John Deere buys into Chinese equipment co. Metso acquires Sveldala