Texas MRF operator for sale amid $8M loan dispute, possible asset liquidation [Yahoo! Finance]
Cadence Bank (CADE)
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Source: Yahoo! Finance
Independent Texas Recyclers, a Houston-based MRF operator , has discontinued operations after a nearly year-long court process to settle an $8 million loan payment dispute with its lender. Cadence Bank, ITR's lender, sued the MRF operator and its affiliate , TRITgen, last April after the company allegedly defaulted on an approximately $7.2 million equipment loan and related interest payments. Cadence initiated the loan in August 2022, along with a $2 million revolving line of credit, according to court documents. The recycler, which had three Houston locations, is now undergoing a sale process with an unnamed buyer to pay down debt. That sale is expected to close March 31. At the same time, corporate turnaround firm Focus Management Group has arranged for many of ITR's assets to be sold at an auction if this sale isn't successful. The auction is set for March 18, but could be canceled or pushed back depending on progress on the sale, according to court records. ITR at one time
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