One large check has bounced in Taft
Synagro Technologies, the company that operates the organic composting facility on South Lake Road near Taft, filed for bankruptcy last month
At least one large check written by Synagro in the Taft area bounced, the Taft Midway Driller has learned.
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.