PITTSBURGH, Feb. 12, 2015 /CNW/ -- Liberty Tire Recycling Holdco, LLC and its subsidiaries have reached an initial agreement with its financial sponsor, bondholders and banks for a financial restructuring to substantially reduce its on-going debt obligations. Upon completion of the restructuring, Liberty will emerge with a stronger balance sheet, more financial flexibility, a focused strategy and a solid customer base.
"Today marks the start of a new beginning for our company. We have the people, strategy and customers to execute on our plans; and now we have the right financial capacity," said Bill Fry, president and chief executive officer. "We greatly appreciate the continued support of our valued partners, suppliers and customers who have been critical to our success throughout the last several months as we have worked on our financial restructuring. We are extremely proud of the fact that we have continued to provide the service our customers have come to expect from Liberty throughout the process. I also want to thank our extraordinary employees, who have been vital to our success. We look forward to many years of continued partnership and success with our important stakeholders."
Ron Carlson, chief financial officer, said: "This restructuring will allow us to continue to make significant capital investments in our plants and equipment, capitalize on new market opportunities, and continue to grow."
The financial restructuring is subject to a number of terms and conditions and is expected to be completed within the next 90 days.
About Liberty Tire Recycling
Liberty Tire Recycling is the premier provider of tire recycling services in North America. By recycling more than 141 million tires annually, Liberty Tire reclaims about 1.59 billion pounds of rubber for innovative, eco-friendly products. The recycled rubber produced by Liberty Tire is used as crumb rubber and industrial feedstock for molded products; as tire-derived fuel for industrial kilns, mills and power plants; and as rubber mulch for landscaping and playgrounds. The company maintains a North American network of processing plants, and comprehensive door-to-door collection services. Liberty Tire Recycling is headquartered in Pittsburgh, Pa. For more information, please visit www.libertytire.com.
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SOURCE Liberty Tire Recycling