Changing World Technologies, the New York-based owner of the Renewable Environmental Solutions plant in Carthage, issues a press release today announcing it was filing for Chapter 11 bankruptcy in federal bankruptcy court.
There was no specific information regarding the fate of the RES plant in Carthage in the company’s release.
Employees told the Missouri Career Center in Joplin that the plant had been closed at the beginning of this week. Changing World Technologies has not said anything about the plant, but officials at the Carthage Butterball plant, the chief source of turkey offal used by RES to manufacture fuel oil, said it had stopped shipping the offal to RES as of Monday.
The press release from Changing World Technologies reads as follows:
“Changing World Technologies, Inc. (CWT) announced today that, due to a variety of factors, including escalating expenses associated with commercializing its patented waste conversion process, the company, and three of its wholly owned subsidiaries, has filed for Chapter 11 bankruptcy protection. CWT’s revolutionary thermal conversion process (TCP) reforms organic waste into renewable diesel fuel oil and fertilizers.
“After attempts to obtain outside financing were unsuccessful and with debt obligations coming due in the near term, CWT determined to reorganize through the Chapter 11 process in an effort to preserve the value of the company as a going concern. CWT has significantly downsized its operations during this reorganization process, which included the laying off the majority of its workforce.
“During this reorganization, CWT will continue its efforts to secure additional debt and equity financing to fund its operations going forward and to move ahead with its expansion strategy. The commercially proven, breakthrough TCP technology is expected to benefit communities seeking to maintain a source of well compensated employment, to reduce waste, and produce renewable energy while helping to reduce greenhouse gas emissions.
Carthage Press
