Eugene metals firm overcome by debts, weak revenue.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Eugene metals firm overcome by debts, weak revenue.
Pacific Recycling has filed for Chapter 11 bankruptcy as its debts double its assets.
Creditors include scores of Lane County companies that do business with the firm, plus banks and other lenders. Also, the firm owes the city of Eugene $433,000 on a community development loan the city made in 2012 to help it expand.
The west Eugene company filed for the protection of the bankruptcy court to fend off the efforts of Banner Bank, based in Walla Walla, Wash., to seize the firm’s roughly 20-acre Cross Street property, equipment and piles of scrap metal.
(SOURCE: Register-Guard)
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