Big city waste contractor in bankruptcy sale

Synagro Technologies Inc., one of the largest contractors working with city government, filed for bankruptcy Wednesday as part of its planned sale to a European private equity group. Synagro president and chief executive officer Eric Zimmer said the Chapter 11 filing in Delaware would not affect the firm's South Philadelphia plant, which turns human waste into fertilizer and fuel. Houston-based Synagro, which has long been financially squeezed, is owned by another equity firm, Carlyle Group. The bankruptcy is an interim step in Synagro's sale to Sweden's EQT Infrastructure II within the next 90 days. The deal is valued at $455 million, Synagro said. Under EQT's ownership, it will continue to use the name Synagro. Zimmer said there would be no changes in the company's 23-year contract with the city, worth $590 million - one of the largest agreements Synagro has with any municipality. read more at: http://articles.philly.com/2013-04-26/news/38819772_1_synagro-technologies-inc-carlyle-group-sale