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Non-Tech : RECY Looking Good... A -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (6794)	6/11/1999 3:03:00 PM
From: Mahatmabenfoo	Respond to of 7006

scrap.org Back to Top » Hard Times Hit Consolidators The first quarter of 1999 seemed to bring particularly bad news to three of the scrap industry's most active consolidators. Recycling Industries Inc. (Englewood, Colo.) filed for Chapter 11 bankruptcy protection in late February and by the end of March had been delisted by the NASDAQ National Market. Philip Services Corp. (Hamilton, Ontario), which is trying to sell its scrap assets, announced plans to seek bankruptcy protection. And Metal Management Inc. (Chicago) has been told it's in danger of being delisted by the NASDAQ. Under Chapter 11, Recycling Industries will continue its operations while completing a corporate restructuring, the company assured creditors, employees, and customers. Noting that Recycling Industries is just one of "several other steel-related companies that have filed for Chapter 11 protection in the last several months," Chairman and CEO Thomas Wiens blamed his company's financial troubles on a "flood of imported finished steel" that helped cause scrap metal prices to drop to 30-year lows. Citing a recently improving market, Wiens stressed that Recycling Industries has "good facilities, loyal customers, a dedicated work force, and strong management," and thus "an excellent chance" of emerging from Chapter 11 quickly.