Scrap recycler Amerigo Metal Recycling filed a voluntary petition for Chapter 11 bankruptcy with the Northern District of Georgia Bankruptcy Court.
Amerigo's operations include a shredder as well as processing, and trading of ferrous and non-ferrous metals at its one facility in Morrow, Georgia.
Filing for Chapter 11 bankruptcy allows Amerigo to continue operations while reorganizing its debts under court supervision. The company's reorganization plan must meet creditor voting requirements and legal standards to be approved by the court.
The filing showed Amerigo's estimated assets in the range of $0-50,000 and estimated liabilities in the range of $10mn-50mn. The reported number of creditors is in the range of 100-199.
CamTren Holdings, an affiliate of Amerigo, has also recently filed a voluntary petition for Chapter 11 bankruptcy. No prior bankruptcy cases have been filed by or against Amerigo in the last eight years.
