The lengthy Red River bankruptcy case has had numerous “moving parts,” said Marcus Helt, the company’s attorney, during the hearing. The sale has been partly bogged down by numerous conversations over which assets are eligible to be part of its sale to Platform Capital and under what terms. Red River’s sale has attracted no other bidders beyond Platform’s stalking horse bid.
During the July 8 hearing, a representative from vehicle financing companies Daimler Trust and Santander Consumer USA expressed concern about not knowing whether vehicles the companies leased to Red River were being used, maintained or insured, but overall were satisfied with the portions of the sale order that pertained to the companies’ equipment.
Representatives from Signature Financial and TBK Bank said they still have outstanding disagreements over wording in the final sale, but intended to work through concerns in the coming days.
Other creditors include the Metropolitan Government of Nashville and Davidson County in Tennessee, the Solid Waste Disposal Authority of the City of Huntsville in Alabama and Santek Waste Services (a subsidiary of Republic Services). Few larger waste companies have filed for bankruptcy in recent years, but Red River cited the pandemic, rising costs and lower waste volumes among the factors leading to its filing. It has been unable to provide consistent service to several local governments recently, with Fort Wayne, Indiana, recently terminating its contract in favor of beginning an eight-year contract with GFL Environmental in July.
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While the initial shock led facility operators to scramble, many have since invested millions in new equipment to improve material quality. Now, brand commitments and state policies are expected to be the next big market drivers.
One year into Macquarie’s ownership of LRS, CEO Alan Handley shared what’s next for the company’s expansion, talked plans to hit a $600 million revenue run rate, previewed a new Chicago MRF and more.
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While the initial shock led facility operators to scramble, many have since invested millions in new equipment to improve material quality. Now, brand commitments and state policies are expected to be the next big market drivers.
One year into Macquarie’s ownership of LRS, CEO Alan Handley shared what’s next for the company’s expansion, talked plans to hit a $600 million revenue run rate, previewed a new Chicago MRF and more.
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Topics covered: recycling, landfills, collections, organics diversion, waste-to-energy, and much more.