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[United States]
Posted on : Feb 04, 2009

Industrial polypropylene recycler Sundance Products Group LLC has stopped
operations at its three plants, is selling off its inventory of raw materials
and finished pellets, and is looking for an investor or a buyer for the
business.

According to Plastics News, Sundance has three plants in the US state of Georgia
and was the eighth-largest plastics recycler in the United States, with an
estimated US$57 million in sales in 2007 and a capacity of more than 200 million
pounds. In a letter to creditors Jan. 21, Sundance said that “absent a new
infusion of capital or a going concern sale of substantial value, the business
will have no future revenue.”

‘Our continuing losses now require that we stop all operations,” said the
letter. “Sundance is now working diligently to market its inventory and other
assets, and to evaluate options that could allow it to resume operations in the
future if it can find sources of additional capital or a buyer interested in
running the business.’ All but about 25 of the company’s 330 workers have been
laid off, the company says.

Currently the company selling off its inventory, the majority of which is raw
material, with the remainder pellets. The typical amount of raw material the
company would have in a given month is between 3 million and 5 million pounds,
and that the inventory currently on hand was probably “close to that,” according
to Sundance.
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