Would-be used oil reprocessor Probex Corp. has sold its used oil collection business to pay off part of its defaulted debt. The company said the lack of an in-house collection operation should not hurt the viability of its planned plant in Wellsville, Ohio.
Probex, of Addison, Texas, announced March 27 that Atlantic Oil Collection Services Inc. had bought the assets of its collection business for $1 million. Probex said it would use the money to pay off part of the $12 million outstanding balance of senior secured debt held by subsidiary Probex Fluids Recovery Inc. Altogether, Probex is in default on $25.4 million of debt.