South Florida Paper Recycler Files Chapter 11 after $8 Million in Sales Dwindle
Print this Article | Send to Colleague
According to a report this past week by the South Florida Business Journal, Fort Lauderdale, Fla., USA, Ecological Paper Recycling, Opa-locka, Fla., which bills itself as the largest privately-held paper processing firm in South Florida, filed Chapter 11 reorganization on February 11 after experiencing a significant decrease in recent sales.
The company, also doing business as Ecological Waste Systems, rang up revenue of $7.92 million in 2014, but had just $150,000 in revenue from the beginning of 2015 to the February 2 date of the filing in a bankruptcy court. That put it on pace for about only $1.8 million in revenue this year.
Jacqueline Calderin, the debtor's attorney in Miami, said the company had expanded into the waste and refuse collection service and had several contracts with Waste Management. While that business had strong revenues, it operated at a loss because of high expenses, she said. Ecological Paper Recycling intends to sell off its waste and refuse contracts through Chapter 11 and focus on its core business of paper recycling and paper shredding, she added.
