Philip Services Corp. (PSC), with headquarters in Houston, Texas announced on June 3, 2003 that the company and most of its wholly owned U.S. subsidiaries filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The existing debt is too high for the businesses, according to Robert Knauss, Philip’s chair and principal executive officer, but service to customers will continue as the company explores strategic alternatives.
The company will pursue the sale of all or substantially all the assets of the company as a going concern pursuant to Section 363 of the Bankruptcy Code. A final hearing on the cash collateral funding has been set for June 23, 2003.
PSC has two operating groups: PSC Industrial Services, which provides industrial cleaning and environmental services, and PSC Metals Services, which provides scrap charge optimization, inventory management, scrap sourcing, and industrial scrap removal.
(See the upcoming features on “Construction & Demolition Waste” in the August/September 2003 edition.)
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