August 13, 2021
We want to apprise you of a significant turn of events regarding the sale of the Hampden recycling plant to Delta Thermo Energy (DTE). DTE has been notified that due to its failure to meet several extended deadlines to produce proof of adequate financing, it will no longer have exclusivity as currently detailed in the Memorandum of Understanding (MOU). DTE still will have the opportunity to close on its financing in accordance with the MOU, but the Bondholder Trustee also will be able to evaluate proposals from other entities.
The MOU, which granted DTE an exclusive right to purchase the plant, originally was signed by the bondholders, DTE, and the MRC in December 2020. The original MOU had an expiration date of March 31, 2021.
In the wake of losing the promise of exclusivity, DTE has informed the Bondholder Trustee it is terminating the MOU, but still intends to pursue financing to purchase and operate the Hampden plant.
While the Bondholder Trustee and the MRC are still amenable to DTE completing the purchase, both are actively looking at other opportunities that would allow a closing to take place before the end of the year.
As always if you have any questions, please don’t hesitate to call me directly,
MRC Executive Director