The city of Montgomery, Ala., has acquired the $37 million recycling facility formerly owned by Infinitus Renewable Energy Park (IREP).
The city and IREP closed on a bankruptcy agreement on December 29, 2017, and had been locked in bankruptcy court since August 2016 after bondholders of bonds issued by IREP in 2014 opposed the sale of the recycling facility, stating they had a better claim.
To complete the deal, the city paid the sale price of $625,000, $125,000 in other fees and $195,000 in property taxes owed by IREP and accrued after the company shut down the recycling facility in October 2015. The city also reached a settlement agreement with the bondholders.
