West Valley MRF, LLC, referred to as “West Valley,” was formed in June 1997 by Kaiser Recycling Inc. (now Kaiser Recycling, LLC), a wholly-owned subsidiary of Kaiser, and West Valley Recycling & Transfer Inc., a wholly-owned subsidiary of Burrtec Waste Industries Inc. This entity was formed to construct and operate a materials recovery facility referred to as the West Valley MRF located on property that was a part of the former KSC steel mill site. In 2012, the West Valley MRF distributed a total of $750,000 in cash to Kaiser prior to the sale of Kaiser’s indirect ownership interest in the WVMRF in April 2012 which is discussed immediately below. Sale of Ownership Interest.On April 2, 2012, Kaiser LLC, Kaiser Recycling, Burrtec Waste Industries (“Burrtec”) and West Valley Recycling & Transfer Inc. (“Buyer”), a wholly owned subsidiary of Burrtec, entered into that certain Purchase Agreement (the “Purchase Agreement”) whereby Kaiser Recycling sold its ownership interest in WVMRF, LLC to Buyer. The sale transaction closed on the same day as the Purchase Agreement was entered into by the parties to the agreement. Kaiser Recycling sold its ownership interest in WVMRF, LLC for a gross cash sales price of approximately $25,769,000. The Company recorded a gain of $20,588,000 in the second quarter of 2012. The Company’s guaranty of the outstanding California Pollution Control Finance Authority bonds used to finance many of the improvements at West Valley MRF was terminated. However, existing environmental obligations and agreements of the Company and Kaiser Recycling benefiting WVMRF, LLC, Buyer and Union Bank remain in place and an escrow of $363,000 was established as a part of the sale transaction to provide certain financial assurances that we estimate will be sufficient to cover any future environmental obligations, particularly with respect to the Tar Pits Parcel located next to the WVMRF. This amount was charged against the Company’s environmental reserve which provided for such specific environmental expenses. Subsequently, an insurance policy covering certain possible contingent environmental and other related events that could arise and impact the WVMRF, LLC and others was purchased by Kaiser Recycling during the second quarter to cover certain of these exposures. The policy premium of $113,621 was paid from the escrow account. (See also, “Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION—Section 2: Liquidity and Capital Resources—Environmental Remediation.”)
Company profile
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
KAISER VENTURES LLC
SEC CIK
Latest filings (excl ownership)
15-12G
Securities registration termination
3 Jul 23
8-K
Termination of a Material Definitive Agreement
30 Jun 23
8-K
Claims Management and Services Agreement
26 Jun 23
8-K
Entry into a Material Definitive Agreement
21 Apr 23
8-K
Departure of Directors or Certain Officers
17 Jan 23
8-K
Second Amendedand Restated Operating Agreement
6 May 22
8-K
Departure of Directors or Certain Officers
7 Jan 22
8-K
Other Events
12 Oct 21
8-K
Departure of Directors or Certain Officers
5 Mar 21
8-K
Entry into a Material Definitive Agreement
31 Jul 20