One of the largest recycling companies in the Southeast, Memphis-based Recycle Solutions Inc., has filed for chapter 11 protection, the Memphis Business Journal reported today. Recycle Solutions, launched in 2001, reported debts of nearly $6.4 million and assets of more than $11.5 million in its voluntary petition filed on Nov. 4 in U.S. Bankruptcy Court. The filing comes after the company, hard hit by the recession, faces a $300,000 civil penalty by the Arkansas Department of Environmental Quality. On top of that, the company has a claim for an "unknown" amount against the town of Villa Rica, Georgia, where a dispute with the town has halted its operations.
