Defunct Chicago recycler announces auction of assets

CHICAGO (Scrap Monster): Chicago-based Pure Metal Recycling has announced that its remaining assets including all assets of two locations will be auctioned during the month of April this year. The preview will be held on April 11^th and 12^th. Due to huge volume of equipment to be sold, the actual auction will be held in three days from April 13^th through 15^th. Interested buyers could attend the sale or make online offers, said company press release.

The sale includes items such as excavators with shears and grapples, trucks and trailers, forklifts, metal slitters, metal processing equipment, containers and various types of balers. The sale of assets of Joliet, Illinois and South Bend, Indiana sites are scheduled to take place on 13th. The assets of Blue Island Illinois site will be sold on 14th. The auction of the assets belonging to Chicago and Elgin, Illinois sites is scheduled to be held on 15th. Buyers will have the option of purchasing all the assets of Joliet and Blue Island facilities.

The Chicago, Illinois-based Pure Metal Recycling had announced closure of all its facilities during December last year. Although the company had earlier announced that it had identified a potential buyer of its assets, it had later announced that the investor had withdrawn the bid. Following the company’s inability to timely secure additional funding from lending source, the company had informed the Indiana Department of Workforce Development that it intends to permanently close all of its facilities.

Pure Metal Recycling had seven locations altogether-three in Chicago, three across areas of Illinois and one in Indiana-3357 S. Justine St., Chicago, IL 60608, 3850, S. Racine Ave., Chicago, IL 60609, 3802, S.Racine Ave., Chicago, IL 60609, 1255 Gifford Rd. Elgin, IL 60120, 13500 S. Mozart, Blue Island, IL 60406, 2 Genstar Lane, Joliet, IL 60403, 1420 S. Walnut, South Bend, IN 46619.