New ETF Book by Larry Connors - Click here to read more
AbitibiBowater, one of the biggest paper products companies in North America, filed for Chapter 11 bankruptcy Thursday in Delaware, along with 31 subsidiaries. Under Chapter 11, the company will continue operating while it reorganizes its debt.
Fort Worth, Arlington and other local cities send their recyclable materials to a plant run by Abitibi Consolidated in Arlington. There shouldn't be any immediate impact on customers, and residents can continue to put out recyclables on their normal trash pickup day, said Brian Boerner, Fort Worth's environmental management director.
"They're still our contractor, they're still providing a service and we're going to continue to work them," Boerner said.
Under the recycling system, Fort Worth and other cities sell their materials to Abitibi, which separates them and sells the materials to other buyers. But Abitibi Consolidated officials said in December they were losing money because of drastic drops in the price of recycled paper, steel, aluminum, glass and plastic.
The biggest customers of recycled goods were manufacturers in India and China. The worldwide recession meant there was little demand for raw materials, and some companies in the United States reportedly were piling the materials on the ground because buyers couldn't be found.
Recycling is still a good deal for the cities, though, because it's cheaper than dumping the material in a landfill, Boerner said. Fort Worth recycles about 20 percent of its trash.
It's not clear if Abitibi will renegotiate its contracts with local cities or ask for more money as it goes through bankruptcy.
Boerner said the city's trash contract is in its seventh of 10 years, and the city will likely start negotiating a new contract soon, anyway.
MIKE LEE, 817-390-7539
To see more of the Fort Worth Star-Telegram, or to subscribe to the newspaper, go to http://www.dfw.com. Copyright (c) 2009, Fort Worth Star-Telegram, Texas Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
