Recycler Rivore Metals files for bankruptcy

Michigan recycler Rivore Metals has filed for voluntary Chapter 11 bankruptcy protection, according to a filing with the US Bankruptcy Court in the eastern district of Michigan.

The Troy, Michigan, ferrous and nonferrous metals broker and processor has requested first-day relief so that it can maintain ongoing business operations, according the filing made on 27 September.

The company estimated it has 100-199 creditors and estimated assets of up to $50,000 and liabilities $1mn-10mn, according the filing.

Rivore Metals named its 20 largest unsecured creditors, which are collectively owed more than $7.2mn.

The company holding the largest claim is Ontario-based Arlen Recycling, which Rivore Metals listed as being owed more than $1.29mn. The second-largest claim belongs to Farmington, Michigan-based Level One Bank, which is owed more than $900,000. The third-largest claim was the US Small Business Administration, which is owed more than $750,000.

A meeting of creditors is set for 22 October.

Rivore operated two recycling facilities in Detroit focused on industrial plant operations, as well as an indoor nonferrous recycling operation in Pontiac, Michigan.

The company also acquired a 41.9-acre industrial site in Pontiac in February 2017 with plans to construct a 40,000ft² sorting facility.