NRC board approves plan to restructure, pay creditors

Dec. 17 -- The Board of Directors of the National Recycling Coalition has approved a plan for restructuring the organization, is putting forward a payment plan to its creditors and is working to regain its status as a leader in national environmental policy.

"We´re still alive, we´re still here, and we´ll continue to be the lead organization for our industry, the municipal waste and recycling industries," said board president Melinda Uerling.

After a failed attempt at a merger with Keep America Beautiful, the board of the NRC voted in September to liquidate its assets and file Chapter 7 bankruptcy in the face of $1.58 million in debt while holding less than $700 in cash. Much of the debt was caused by the cancellation of the Portland conference.

After a group of past presidents and other supporters assembled a "Save the NRC" effort, the board decided to vacate its earlier vote and pursued a reorganization plan.

That reorganization plan was approved at a meeting of the board of directors Wednesday. An executive summary of the plan, which will not include debt repayment strategies and negotiations with creditors, will be distributed to the NRC membership and posted on the organization´s Web site. Members will have a week after the posting of the summary to offer comments on the plan.

"The key issue we´re looking for is a business model that is sustainable, where the previous business model was not," said Uerling.

Contact Waste & Recycling News reporter Amanda Smith-Teutsch at 330-865-6166 or asmith-teutsch@crain.com