U.S. Plastic Lumber Files for Reorganization

U.S. Plastic Lumber (USPL) filed voluntary petitions for bankruptcy in late July 2004. The company is seeking debtor-in-possession financing, available only to companies in Chapter 11, to support its current operations and has hired Triax Capital Advisors to direct its reorganization. “Our filing provides U.S. Plastic Lumber with the opportunity to position itself for a viable future,” said Michael Schmidt, USPL’s chief financial officer. “With the hard work and dedication of our employees and the support of our customers and suppliers, we are confident that the business will emerge from this process a stronger company,” he said. USPL is the world’s leading manufacturer of plastic lumber and offers recycled-HDPE plastic lumber, composite wood-and-plastic lumber, and structural HDPE lumber for a variety of landscaping applications (see

EBN Vol. 9, No. 2). Although at press time their Web site made no mention of the bankruptcy, USPL is online at www.usplasticlumber.com.