[GreenYes] Plastic bag mfr. files Chapter 11

["Pete Pasterz" <PAPasterz@no.address>]

from the Resource Recycling e-newsletter

Hilex restructures debt

Plastic bag producer Hilex Poly Co. (Hartsville, South Carolina) announced on May 6^th that it is voluntarily undertaking Chapter 11 reorganization. The move is aimed at reducing overall debt and restructuring its remaining debt, as per an agreement with the company’s lenders. Additionally, Hilex has obtained $140 million in debtor-in-possession financing from GE Capital (Norwalk, Connecticut) and Morgan Stanley Senior Funding, Inc. (New York).
       Hilex hopes the debt restructuring will allow the company to focus on long-term environmental strategies, including degradable bags and recycling options.

 

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Pete Pasterz

Cabarrus County Recycling/HHW

Concord, NC

(704) 920-3280

papasterz@no.address

 

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