Strategic Materials, the Houston-based glass recycling giant, emerged from bankruptcy on Tuesday after it said it reduced its debt by more than $300 million during a comprehensive restructuring process, the Houston Chronicle reported. The company, which calls itself the largest supplier of recycled glass in North America, filed for bankruptcy protection on Dec. 4 in the Southern District of Texas. Its filing cited the compounding challenges of rising interest rates, inflation and increased competition. Chris Dods, Strategic Materials' chief executive, said in a statement that the company is now "investing in the business and positioning for growth." The release said it had also secured about $60 million in new capital that could be directed toward operations and strategic investments. The company, owned by private equity firm Littlejohn & Co., recycles more than 2 million tons of glass per year through 43 facilities, including three in Texas. Before seeking bankruptcy protection, it said long-term debt obligations of about $432 million would not be met, "absent a comprehensive financial restructuring or sale."
