Clover has recently hired debt restructuring advisers. | antb/Shutterstock[/caption]
Clover Technologies Group, the world's largest collector of used printer cartridges, is suffering financial problems caused by heavy debt and the loss of two customers.
Headquartered in Hoffman Estates, Ill., the company plans to enter discussions on restructuring about $650 million of debt. The move comes after Clover disclosed in July it lost major customers, including AT&T, according to The Wall Street Journal. Meanwhile, the company's debt has been downgraded to a "very high credit risk."
Clover Technologies Group has 60 locations in 18 countries and 19,000 employees.
The company's Clover Imaging Group business unit collects empty printer cartridges - e-scrap companies are a major supplier to the firm - and remanufactures them. It says it's the world's largest seller of remanufactured laser and inkjet cartridges.
The company is also a global supplier of recovered printer parts. In 2016, the most recent year for which the company published a sustainability report, Clover Imaging collected 44.8 million used cartridges and printer parts (nearly 90% of which were collected in North America) and remanufactured 17.9 million cartridges and printer parts.
The company's Clover Wireless business unit provides mobile device repair, refurbishment and parts harvesting services for carriers, OEMs, retailers and others. The company says it operates the largest mobile device repair center in North America. In 2016, Clover Wireless collected 4.5 million wireless devices and repaired nearly 2.7 million of them.
[caption id="attachment_11791" align="aligncenter" width="960"] Clover has recently hired debt restructuring advisers. | antb/Shutterstock[/caption]
Clover Technologies Group, the world's largest collector of used printer cartridges, is suffering financial problems caused by heavy debt and the loss of two customers.
Headquartered in Hoffman Estates, Ill., the company plans to enter discussions on restructuring about $650 million of debt. The move comes after Clover disclosed in July it lost major customers, including AT&T, according to The Wall Street Journal. Meanwhile, the company's debt has been downgraded to a "very high credit risk."
Clover Technologies Group has 60 locations in 18 countries and 19,000 employees.
The company's Clover Imaging Group business unit collects empty printer cartridges - e-scrap companies are a major supplier to the firm - and remanufactures them. It says it's the world's largest seller of remanufactured laser and inkjet cartridges.
The company is also a global supplier of recovered printer parts. In 2016, the most recent year for which the company published a sustainability report, Clover Imaging collected 44.8 million used cartridges and printer parts (nearly 90% of which were collected in North America) and remanufactured 17.9 million cartridges and printer parts.
The company's Clover Wireless business unit provides mobile device repair, refurbishment and parts harvesting services for carriers, OEMs, retailers and others. The company says it operates the largest mobile device repair center in North America. In 2016, Clover Wireless collected 4.5 million wireless devices and repaired nearly 2.7 million of them.
Clover has recently hired debt restructuring advisers. | antb/Shutterstock[/caption]
Clover Technologies Group, the world's largest collector of used printer cartridges, is suffering financial problems caused by heavy debt and the loss of two customers.
Headquartered in Hoffman Estates, Ill., the company plans to enter discussions on restructuring about $650 million of debt. The move comes after Clover disclosed in July it lost major customers, including AT&T, according to The Wall Street Journal. Meanwhile, the company's debt has been downgraded to a "very high credit risk."
Clover Technologies Group has 60 locations in 18 countries and 19,000 employees.
The company's Clover Imaging Group business unit collects empty printer cartridges - e-scrap companies are a major supplier to the firm - and remanufactures them. It says it's the world's largest seller of remanufactured laser and inkjet cartridges.
The company is also a global supplier of recovered printer parts. In 2016, the most recent year for which the company published a sustainability report, Clover Imaging collected 44.8 million used cartridges and printer parts (nearly 90% of which were collected in North America) and remanufactured 17.9 million cartridges and printer parts.
The company's Clover Wireless business unit provides mobile device repair, refurbishment and parts harvesting services for carriers, OEMs, retailers and others. The company says it operates the largest mobile device repair center in North America. In 2016, Clover Wireless collected 4.5 million wireless devices and repaired nearly 2.7 million of them.
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