Unisphere subsidiary files for bankruptcy

By Sheri Kasprzak

Atlanta, Feb. 10 - Unisphere Waste Conversion Ltd. said its subsidiary, Unisphere Tire Recycling Inc., has filed for bankruptcy.

Unisphere announced Wednesday that Unisphere Tire Recycling planned to file notice with its creditors of its plans to file for bankruptcy.

The company also announced Thursday that its directors - John Wypich, Tom Allen, Lee Barker, Oliver Lennox King and Cal Parent - have resigned.

Wypich did not return phone calls or e-mails requesting comment on the bankruptcy or the resignation of the board members Thursday.

Unisphere announced last week that it would be unable to make principal or interest payments on its 6% unsecured debentures equal to C$1.15 million.

One of its debenture holders filed a lawsuit Feb. 9 claiming Unisphere did not pay principal and interest payments totaling C$1.06 million.

"The company is unable to make its current payments and pay indebtedness," Unisphere's management said in its original statement. "The company has met with representatives of the 10% secured debenture holders and discussions are ongoing."

Based in Toronto, Unisphere is an environmental company focused on tire recycling.

On Thursday, Unisphere's stock closed unchanged at C$0.035.

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