CHARLESTON, S.C. (Aug. 15, 2001)—A federal bankruptcy judge has halted the auction of Santee River Rubber Inc. to allow a prospective buyer to make an offer, according to the Charleston Post & Courier.
G. William McCarthy, the Columbia, S.C., attorney who serves as Santee River's trustee, told Judge John Waites of the Charleston bankruptcy court that he would submit an unidentified party's bid for the 90,000-sq.-ft. crumb rubber plant by September.
To date, the only bidder on the property is Ridgewood Power L.L.C., the Ridgewood, N.J.-based equity partner of Santee River's founder, Environmental Processing Systems Inc.
EPS and Ridgewood Power had a falling-out over the project, with Ridgewood accusing EPS of mismanagement. EPS filed for Chapter 11 protection for Santee River last October.
McCarthy and Ridgewood Power spokespersons couldn't be reached for comment, and EPS's phone number in Garden City, N.Y. has been disconnected.