The Board of Directors of the National Recycling Coalition Inc. (NRC) announced today that it will expeditiously file for Chapter 7 bankruptcy. The organization will cease operations and terminate all staff effective close of business Sept. 4, 2009.
“The decision was a very difficult and troubling one, but in the end, as a matter of our fiduciary responsibility, the Board was left with very few options given the organization’s cash position,” said Melinda Uerling, NRC Board President, in a press release. “Our hope — however distant right now — is that a stronger organization, with broad representation, may emerge from within our community.”
The bankruptcy filing comes on the heels of a recent unsuccessful merger bid with Keep America Beautiful. That move failed to win the support of a necessary two-thirds majority of NRC members. Some in the organization had expressed hopes that the NRC could reinvent itself through Chapter 11 reorganization, but today’s announcement indicates that the financial hurdles may have been too great.