The Municipal Review Committee, Inc. (MRC), comprised of 83 members representing 115 Maine municipalities, announced that it has signed a Memorandum of Understanding (MOU) for sale out of receivership of the Coastal Resources mixed waste processing facility on a site owned by the MRC in Hampden, Maine. The Facility would be sold to Delta Thermo Energy, based in Jenkintown, Pennsylvania.
The Facility had accepted MSW for processing from MRC members from its start-up in 2019 through May 27, 2020, when operations were suspended due to lack of cash. In response, the trustee for the Facility’s lenders had the Facility placed in receivership for non-payment of debt service through a filing in Penobscot County Superior Court. The MRC, assisted by CommonWealth Resource Management Corporation, worked with the trustee and the receiver to secure the condition of the Facility and to negotiate the terms of an MOU regarding how Delta Thermo Energy might purchase and re-open the Facility. The next steps will include negotiation of detailed terms and conditions of the sale; assignment of existing agreements and development of new agreements and operating plans for re-opening the facility; and satisfying the conditions for closure of financing to support the sale.
For more details, contact George Aronson, CRMC, at email@example.com.