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Bankrupt Recycling Company Causes Canadian City to Seek Investment Refund

The city’s investment helped the company with costs for land, equipment and the building located at the Edmonton Waste Management Centre.

The City of Edmonton in Alberta, Canada, is trying to get back some of its $9.4 million investment in Greys Paper Recycling Facility, which declared bankruptcy earlier this year. The city’s investment helped the company with costs for land, equipment and the building located at the Edmonton Waste Management Centre.

While the city hoped a new tenant would take over operations of the facility, no one has stepped forward to make that hope a reality.

CBC News has more details:

A $9.4-million investment by the City of Edmonton in a paper recycling company may no longer be worth the paper it was printed on.

Between 2009-2014, the city sank $9.4 million into Greys Paper Recycling Facility, an investment that included land, equipment and the building at the Edmonton Waste Management Centre.

Greys declared bankruptcy earlier this year.

Read the full story here.

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