North Carolina scrap recycler’s equipment to be auctioned

A notice on the website of B.P. Greer Recycling, Reidsville, North Carolina, says the company’s assets will be going up for auction Friday, Dec. 4, 2015.

“The Bankruptcy Court for the Middle District of North Carolina has ordered the auction of B.P. Greer Recycling, Inc. as a going concern,” states the company’s website. The auction, in which “prospective bidders must be preapproved,” has been scheduled for 12 p.m. Eastern Time Dec. 4. The opening bid has been set at $2.525 million.

In addition to its yard in Reidsville, the company has locations in Mebane, North Carolina, and Lynchburg, Virginia.

B.P. Greer Recycling filed for Chapter 11 bankruptcy protection Oct. 20, 2015, with a list of more than 125 creditors owed debts that reportedly total somewhere between $10 million and $50 million.

According to an article  on the Grensboro.com website, one creditor alone—Greensboro, North Carolina-based Carolina Bank—is owed $9.3 million by the recycling company.

Carolina Bank says in a legal filing that it committed to make three loans totaling $9.3 million to B.P. Greer Recycling in the summer of 2013, as well another $1 million loan in early 2014. According to the onlne report, Carolina Bank is seeking status as having a priority claim on B.P. Greer’s assets.

An online service that makes court documents available says there are more than 125 creditors involved in the case, including scrap recyclers and brokers and equipment makers.

Those interested in taking part in the auction are urged to contact Thomas J. McGoldrick of Anderson Bauman Tourtellot Vos & Co. at tmcgoldrick@abtv.com.