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Plasco Energy Group Inc., the company which was once thought to be a shining beacon in waste management for the City of Ottawa, has filed for creditor protection.
The company made the announcement around noon on Tuesday.
Plasco management will remain responsible for the day-to-day operations of the firm. Plasco has also engaged Randall Benson, partner and national practice co-leader of restructuring and turnaround at KPMG, as chief restructuring officer to assist the company with its restructuring process.
“Plasco will explore potential strategic alternatives that may provide the Company the funding required to pursue commercial development of its technology,” said Benson. “Our key objectives are to preserve the value of the business for the benefit of the company’s stakeholders and to continue work towards demonstrating the performance of the technology.”
Plasco has been struggling to find the financing to build a full-scale commercial facility capable of turning waste into energy at the City of Ottawa’s garbage dump on Moodie Drive.
The company claimed the Trail Road facility would be able to turn as much as 400 tonnes of garbage a day into more than 20 megawatts of energy, enough to power 7,200 houses.
Plasco Energy missed the city’s Dec. 31 deadline to prove it had the financing to build a plant in Ottawa by 2016. It was the third missed deadline under a 20-year, multimillion-dollar contract with the city.
Plasco has received more than $390 million in investment over the years. The firm was to be a shining beacon of waste management and green energy production. While the first of its facilities were planned for Moodie Drive in Ottawa, the company has said similar plants are planned for Red Deer, Alta., several municipalities in California as well as cities in Poland and China. However, none of those other deals materialized.
More to come.
查看原文...
The company made the announcement around noon on Tuesday.
Plasco management will remain responsible for the day-to-day operations of the firm. Plasco has also engaged Randall Benson, partner and national practice co-leader of restructuring and turnaround at KPMG, as chief restructuring officer to assist the company with its restructuring process.
“Plasco will explore potential strategic alternatives that may provide the Company the funding required to pursue commercial development of its technology,” said Benson. “Our key objectives are to preserve the value of the business for the benefit of the company’s stakeholders and to continue work towards demonstrating the performance of the technology.”
Plasco has been struggling to find the financing to build a full-scale commercial facility capable of turning waste into energy at the City of Ottawa’s garbage dump on Moodie Drive.
The company claimed the Trail Road facility would be able to turn as much as 400 tonnes of garbage a day into more than 20 megawatts of energy, enough to power 7,200 houses.
Plasco Energy missed the city’s Dec. 31 deadline to prove it had the financing to build a plant in Ottawa by 2016. It was the third missed deadline under a 20-year, multimillion-dollar contract with the city.
Plasco has received more than $390 million in investment over the years. The firm was to be a shining beacon of waste management and green energy production. While the first of its facilities were planned for Moodie Drive in Ottawa, the company has said similar plants are planned for Red Deer, Alta., several municipalities in California as well as cities in Poland and China. However, none of those other deals materialized.
More to come.
查看原文...
