The Official Committee of Unsecured Creditors selected RLT, led by Jeffrey A. Cooper, as its counsel in the Chapter
11 cases filed by Marine Environmental Remediation Group LLC and its wholly owned subsidiary, MER Group
Puerto Rico LLC (collectively, “Marine”), case nos. 19-18994 and 19-18995 (VFP). Marine, headquartered in Mountain Lakes, New Jersey, is in the business of recycling obsolete and damaged ships in a manner that it asserts is both environmentally sound and health and safety conscious. Marine’s cases were filed on May 1, 2019.
Prior to filing for bankruptcy, Marine invested in excess of $15 million in its Puerto Rico operation and at its height had nearly 300 people employed full-time on Roosevelt Roads, a former United States Navy base in Ceiba, Puerto Rico. Currently, Marine employs only three persons operating solely out of its Puerto Rico location on Roosevelt Roads, and an accountant who operates at a location in Puerto Rico outside of Roosevelt Roads. As of December 31, 2018, Marine reported total assets of $6,094,099.47 and total liabilities of $7,197,363.10. Marine’s net income for 2018 was $1,767,075.74. According to the Debtors, the unsecured creditor body totals approximately $14 million.
If you have any questions regarding this matter, please do not hesitate to contact Jeff at (973) 597-9100 or jcooper@rltlawfirm.com.
