Strategic Materials successfully emerges from financial restructuring
Strategic Materials, North America's largest glass recycler, has successfully emerged from its restructuring process with a firm financial footing marked by significantly reduced debt and improved liquidity.
"Today marks a major milestone, with a 'right-sized' balance sheet that provides great financial strength and positions us well for future success," said Strategic Materials Chief Executive Officer Chris Dods. "Our business model is built around sustainability, and we are excited that SMI's future has been made fundamentally more sustainable for the benefit of our customers, employees and communities."
Upon emergence, SMI has now reduced total debt by over $300 million with substantial new liquidity injected into the business. In addition to the capital provided to fund the restructuring process, new capital of approximately $60 million will be used to support SMI's operations and future strategic investments.
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