At least two major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of March 8 – March 12, 2021. For the first time this month, there has been a default within the Energy sector.
CarbonLite Holdings LLC, the world's largest recycler of plastic bottles, filed for Chapter 11 bankruptcy. The bankruptcy petition listed $50 to $100 million of estimated liabilities, and between $10 to $50 million of estimated assets. CarbonLite attributes COVID-19 as the leading cause of its bankruptcy, as the pandemic caused slowed production due to employee illness, and caused a nine-month delay in opening the Pennsylvania facility.
The bankruptcy filing will include all three of CarbonLite’s facilities in California, Texa...