Reidsville scrap metal company files for Chapter 11

Posted on Wednesday, December 9th, 2015 at 7:59 pm    

A Chapter 11 bankruptcy filing has been initiated by B.P. Greer Recycling Inc. due to overwhelming debts ranging from $10 million to $50 million. In the documents filed with the U.S. Bankruptcy Court in Greensboro, N.C., the scrap metal recycling company identified Carolina Bank as their major creditor, citing an estimated debt of $9.3 million.

A lawyer representing the company stated that the company has suffered so drastically due to the fact that there is a diminished demand for scrap metal. The lawyer also said that they were allowed by the court to sell the bulk of the company’s assets. Foss Recycling is expected to acquire Greer Recycling for a price of $2.4 million.

Filing for Chapter 11 bankruptcy can provide much needed relief for business struggling to overcome immense debts. If you are considering bankruptcy for your business, contact the attorneys at the Bradford Law Offices, PLLC in Birmingham today by calling (919) 758-8879 to speak to a skilled financial lawyer about your options.