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NRC Eschews Bankruptcy for Reorganization

The final death knell for the National Recycling Coalition (NRC) appeared to ring earlier this month as the organization announced it would be filing for Chapter 7 bankruptcy. But the NRC Board of Directors voted yesterday to suspend bankruptcy filings and instead develop a reorganization plan over the next 30 days. The decision came after a petition from a group of NRC past presidents seemed to offer an alternative to oblivion.

“I believe the Board as a whole preferred that the organization continue to exist if a legal path could be found, and today, we heard one existed. The unanimous vote reflects that. Any future for the NRC is conditional upon fundraising, successful negotiations with creditors, and the development of a viable business plan,” said Melinda Uerling, NRC Board President, in a press release. “The pledge of support form past presidents of the organization was crucial,” she added.

Mark Lichtenstein, speaking for the past NRC presidents, said, “We applaud the action of the Board and are ready to invest the needed effort to assist in rebuilding the NRC.”

The Board directed Uerling to form committees comprised of board members and leaders within the membership, to begin working on the reorganization plan.

TAGS: Legal