Recycler Cable Plastics Reclaiming Inc. in La Porte has filed for Chapter 11 over the apparent objections of its largest creditor, a local government agency that contributed more than a million dollars to the new firm.
CPRI filed Feb. 27 in U.S. Bankruptcy Court in South Bend, Ind., with $1 million to $10 million in both debts and assets. President Henry Boch could not be reached.
The La Porte Herald Argus reported March 9 that the La Porte County Solid Waste District had invested $1 million in CPRI, owning 14 percent, and had loaned the firm another $500,000. The district is CPRI's largest unsecured creditor, owed $525,000.
The agency invested in the company to reduce waste sent to landfills and to make up for revenue lost from tipping fees when the county's landfill closed.
CPRI started in 2003 and recycles vinyl, polyethylene, nylon and copper from cables.