CarbonLITE, the world’s largest bottle-to-bottle plastic manufacturer, filed for bankruptcy on March 8. Like many other companies, CarbonLITE blamed the COVID-19 pandemic for its decision to file for Chapter 11.
In bankruptcy documents, CarbonLITE listed debts of over $47 million. The company owed more than $27 million to Nestle Waters North America Inc and another $20 million to Niagara Bottling. It has contracts with global manufacturers, such as Coca-Cola, PepsiCo, and Nestle.
READ MORE: New Chapter 11 Filings, Disclosures: March 8 - March 12, 2021
According to CarbonLITE‘s website, the company recycles seven billion bottles a year. The site explains that 50 billion plastic bottles are used every year and that the system it created can recycle 222 bottles per second.