There are multiple stories about the finalization of the bankruptcy of Exide Technologies, an American manufacturer of lead-acid batteries. We are blogging with two sources CNS News (via KNX1070) and Los Angeles Times. If you are inclined, here is a Bing link to search for more stories on: exide technologies vernon plant bankruptcy settlement 2020
As is normal for bankruptcy proceedings, the outcome is decided by the debtees - those to whom the debt is owed. That's right, how a bankruptcy ends is decided by those that have a financial interest in the company that claims to be running out of money. There are many parties interested, we won't cover that here. The reason I'm stating this is because you'll hear (or read) lots of nonsense.
For the impact locally to Vernon, just south of downtown Los Angeles, the article from LA Times is pretty good. We'll quote the first two paragraphs from the LA Times
A bankruptcy court ruled Friday that Exide Technologies may abandon its shuttered battery recycling plant in Vernon, leaving a massive cleanup of lead and other toxic pollutants at the site and in surrounding neighborhoods to California taxpayers.
The decision by Chief Judge Christopher Sontchi of the U.S. Bankruptcy Court District of Delaware, made over the objections of California officials and community members, marks the latest chapter in a decades-long history of government failures to protect the public from brain-damaging lead, cancer-causing arsenic and other pollutants from the facility.CNS News added more detail, but like the LA Times article it reported on those condemming the finalization action
Bankruptcy Judge Christopher Sontchi in Delaware ruled that there was no "imminent" threat posed by Exide's abandonment of the plant, which resulted in extensive lead pollution in the air and soil in surrounding neighborhoods. State attorneys strongly objected to the settlement reached between Exide and the federal government and vowed to appeal.
The ruling allows Exide to formally abandon the site by the end of the month, after which the state will need to take over environmental remediation efforts. Sontchi in court had harsh words for the state and Department of Toxic Substances Control, suggesting both had failed to timely action to clean up the plant, which was allowed to continue operating for more than 30 years on a temporary permit.
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In 2016, then-Gov. Jerry Brown approved $176.6 million to test soil at properties near the plant and conduct cleanup operations at as many as 2,500 properties near the site. At the time, it was the largest cleanup operation ever undertaken by the state. A portion of the site is now enshrouded in a large white tent put in place by an Exide cleanup contractor to contain lead contamination inside.Needless to say, this is not the first, nor will it be the last company to end operations in the shroud of the EPA and State authorites - and leave the public with the bill.
Exide Technologies
https://infogalactic.com/info/Exide
Court allows Exide to abandon a toxic site in Vernon. Taxpayers will fund the cleanup
https://www.latimes.com/california/story/2020-10-16/exide-bankrtuptcy-decision-vernon-cleanup
Oct 16, 2020
Judge approves bankruptcy settlement allowing Exide Technologies to abandon former battery-recycling plant leaving state to pay for cleanup
https://www.radio.com/knx1070/news/local/judge-allows-exide-to-abandon-former-battery-recycling-plant
October 16, 2020
