Brightmark Indiana

Company Profile

Brightmark Indiana owned and operated the Ashley Circularity Center, an advanced pyrolysis polymer conversion facility that transforms hard-to-recycle plastics into pyrolysis oil, which can be refined into new, recycled plastics. In 2019, Brightmark Indiana secured debt financing through the issuance of Indiana municipal bonds, along with a significant equity contribution from its parent company, Brightmark Parent, to build the facility.

Situation

Although the facility achieved mechanical completion, proven production, and sales to major petrochemical companies, it faced ongoing operational challenges which caused extremely low utilization rates. To reach full-scale production and financial targets, the plant required an additional investment to support ramp-up costs and critical facility enhancements. However, the Company was unable to secure the necessary funding given its substantial secured debt load and Brightmark Indiana elected to file for protection under Chapter 11 of the U.S. Bankruptcy Code on March 16, 2025.

Solution

Immediately following the Chapter 11 filing, SSG launched an expedited post-petition marketing process that targeted a broad universe of potential strategic and financial buyers. The process generated significant interest and several qualified bids after a compressed 50-day marketing period. Leveraging its deep expertise in virtual auction execution, SSG created a dynamic and competitive environment that facilitated 25 rounds of bidding and drove a 90% increase over the opening bid.