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FEATURE
NRC Board Votes Unanimously to Support Reorganization Plan
Washington, D.C. (September 30, 2009) – The Board of Directors of the National Recycling Coalition, Inc. (NRC) voted yesterday to develop a reorganization plan over the next 30 days, suspending a previous motion to file Chapter 7 bankruptcy. As of yesterday, the NRC had not yet taken legal action.
“I believe the board as a whole preferred that the organization continue to exist if a legal path could be found, and today, we heard one existed. The unanimous vote reflects that. Any future for the NRC is conditional upon fundraising, successful negotiations with creditors, and the development of a viable business plan,” said Melinda Uerling, NRC Board President. “The pledge of support form past presidents of the organization was crucial,” she added.
Mark Lichtenstein, speaking for past NRC presidents who had recently petitioned the Board to reconsider the Chapter 7 decision, said, “We applaud the action of the Board and are ready to invest the needed effort to assist in rebuilding the NRC.”
The Board also directed Ms. Uerling to form committees comprised of board members and leaders within the membership, to begin working on the reorganization plan.
In light of NRC’s financial circumstances, all staff were terminated effective close of business September 4, 2009.
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