Composting firm will cover bounced check to Taft Chamber of Commerce
Synagro Technologies, the company that operates the organic composting facility on South Lake Road near Taft, filed for bankruptcy last month to seek a court-approved restructuring of its mounting debt.
In addition, a $10,000 check, Synagro's annual sponsorship for the Taft Chamber of Commerce, bounced, the Taft Midway Driller learned.
A Synagro spokesperson, who asked not to be identified, told the Taft Midway Driller that Synagro intended to make good on the payment and said the bankruptcy filing was merely for reorganization.
Earlier this year Synagro donated $5,000 to Conley School which was used to purchase laptop computers for the students to learn with, plus several hundred dollars in gift cards from Kmart to the winners of art and essay contests.
According to media reports, Synagro, which is owned by the private investment firm Carlyle Group defaulted on its debt.
It has debt of about $100 million and assets of only $10 million, according to media reports.
Synagro has filed for Chapter 11 bankruptcy protection.
Synagro has operated a composting plant about 11 miles east of Taft for several years.
Sewer sludge, most of it trucked in from outside of the area, as well as grass trimmings plus tree trimmings are composted their for use as commercial fertilizer.