Deadline set to submit bids for assets of TieTek
Written by jrood
February 14, 2001 Successful completion of TieTek's Chapter 11 process requires that all bids for the assets be received by 5:00 CST on Friday, April 16, 2010, according to Robert Fowler, President of VR Mergers & Acquisitions. VR is the Bankruptcy Court-approved broker for TieTek, LLC and its parent companies, TieTek Technologies, Inc., and North American Technologies Group, Inc., which recently filed voluntary petitions for relief under Chapter 11 of the federal Bankruptcy Code in the United States Bankruptcy Court, Eastern District of Texas.
TieTek, LLC is based in
Marshall, Texas, and has manufactured and sold more than 1,000,000 composite
railroad ties – a "green" product that is made from recycled
materials including plastics and rubber from discarded tires. In 2008, the
company had revenue of more than $32,000,000.
TieTek, LLC and North
American Technologies Group, Inc. jointly own a complete set of patents that
cover the formulas and processes for making composite railroad ties. Some of
the company’s customers have included BNSF, Chicago Transit Authority, CSX
Transportation, Long Island Rail Road, Norfolk Southern and Union Pacific. The
company has sold its railroad composite ties in the United States, Australia,
Bangladesh, Brazil, Canada, India, and Japan.
In 2008, the Society of
Plastic Engineers awarded the company its 2008 Achievement Award for
"Sustainability and Recycling for a Greener Environment."
The U.S. heavy-haul and
light-transit rail systems have more than 200,000 miles of track utilizing
approximately 700 million railroad ties. Approximately 15 to 20 million ties
are replaced in the U.S. each year.
