ActivAir Inc. concludes all matters with the State of Delaware; and successfully transitions assets.
SEAFORD, Del., Jan. 31, 2024 /PRNewswire/ — ActivAir Inc. has announced that it reached an agreement with the State of Delaware, paid all outstanding debt, and successfully transitioned all assets (including personnel) to a new venture.
Bamdad Bahar, CEO commented: “10 years ago, we were approached to help turn-around a defunct (bankrupt) Aerosol packaging business that had 4 (different) prior owners (Sea Spray, Greentree Chemical, Advanced Aerosol, and Advanced Aerosol Acquisition) over a 10-year prior period and accrued considerable loans to the State of Delaware. Each owner had rolled forward their debt to the state that consequently ballooned. The plant also accrued over 200 barrels of unmarked waste from multiple operators at the Park Avenue (Seaford) location, creating a massive liability for the state during the foreclosure process.
ActivAir took over, analyzed all the waste, and properly disposed of it, under supervision and in full compliance of the environmental authorities. The equipment in the plant was upgraded and then subsequently sold at a premium with a reduction in the overall debt to the state by several hundred thousand dollars. ActivAir Inc. brought in a co-tenant (another high technology venture founded by Bamdad Bahar) to the facility to reduce operating costs and assist in the transition.
Bamdad Bahar stated: “I am very proud to confirm that the remaining debt to the State of Delaware was paid. Interestingly, a new venture successfully transitioned into a major commercial entity that is now expanding dramatically within the State. Also, our landlord was able to successfully sell the property to new owners with a clean bill of health. This was a classic textbook case study in “Creative-Destruction” – where new venture comes in and transforms old industrial operations creating new opportunities. It takes real grit, determination, and perseverance to get something like this done. This was not an easy process. But I am proud of what we accomplished. We left Seaford, and the State of Delaware in a much better situation than they were in when we took over! I would like to take this opportunity to express my gratitude to the leadership exhibited by local and state leadership that worked with us through this difficult process.”
For further information please contact Bamdad Bahar at [email protected]
SOURCE ActivAir Inc.
