According to several reports Pyrolyx USA Indiana LLC – a tyre pyrolysis project focused on recovered carbon black production – filed for Chapter 7 protection “a liquidation bankruptcy” in Delaware this Autumn. The sources say this information is confirmed by court papers.
Pyrolyx USA Faces Bankruptcy
According to Bloomberg Law, Pyrolyx USA Indiana LLC reported in April that it couldn’t make loan payments backing municipal bonds sold in 2017 after it shut its plant in Terre Haute because of the coronavirus outbreak.
This comes at a time when its competitors such as Bolder Industries, Pyrum Innovations and Enviro Systems are all making good progress.
One of the assets to now be sold is the plant located at 4150 E. Steelton Avenue. It has been closed since March 2020. According to the bankruptcy filing, the plant is worth approximately $7.5 million.
The company filed with the U.S. Bankruptcy Court District of Delaware. The paperwork shows Pyrolyx will not be able to pay unsecured creditors after administrative expenses are paid. The company lists between 100 and 199 creditors including the City of Terre Haute.