Molten Metal files for bankruptcy

1 January 1998

Molten Metals Technology Inc has filed for Chapter 11 bankruptcy protection. The company, which developed a system for disposing of low-level radioactive waste and mixed waste by immersing it in a vat of molten metal at more than 2000°F, had been the subject of a recent investigation by a House subcommittee. The House panel was looking into allegations that campaign contributions by Molten Metal to Vice President Al Gore’s re-election campaign were linked to the company’s receipt of large contracts from the US Department of Energy. In its bankruptcy filing, Molten Metal listed $221 million in assets and $202 million in liabilities. A spokesperson said the congressional inquiry made it impossible to raise the $20 million in new financing needed to keep the company financially afloat. Molten Metal will continue to operate its nuclear waste processing plant in Oak Ridge, Tennessee.

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