By Paul Ploumis (ScrapMonster Author)
December 15, 2015 02:08:16 AM
CHICAGO (Scrap Monster): Chicago, Ill-based Pre Metal Recycling has filed a document at the Indiana Department of Workforce Development, stating that the company intends to permanently close all of its facilities.
The notice from Pure Metal Recycling CEO Chris Dandrow cites the company’s inability to timely secure additional funding from any lending source. Earlier reports had indicated that a potential investor had expressed interest to buy the assets of the company. However, the investor has now withdrawn its bid, according to newspaper reports.
According to the letter, the closing will be permanent and will result in complete closing of all its facilities. The closing will also affect the jobs at these locations. Incidentally, Pure Metal Recycling has seven locations altogether-three in Chicago, three across areas of Illinois and one in Indiana. The production activity at facilities located in 3357 S. Justine St., Chicago, IL 60608, 3850, S. Racine Ave., Chicago, IL 60609, 3802, S.Racine Ave., Chicago, IL 60609, 1255 Gifford Rd. Elgin, IL 60120, 13500 S. Mozart, Blue Island, IL 60406, 2 Genstar Lane, Joliet, IL 60403, 1420 S. Walnut, South Bend, IN 46619 has been closed effective 4th Dec, 2015.
The company website says that Pure Metal Recycling entered into an Assignment for the Benefit of Creditors and that the Assignee will be sending a Notification of Assignment letter with a claim form to all known creditors of the company, the week of December 14th, 2015.
Pure Metal Recycling was formerly known as Acme Refining.
The US scrap recyclers have been badly hit by scrap market conditions. Many facilities are getting closed, unable to survive the tough market conditions. Earlier this month, Reidsville, NC-based B.P Greer Recycling had filed for Chapter 11 reorganization bankruptcy.