Cascade Sierra Solutions, a non-profit that developed clean air technology in trucks, is closing following a series of financial difficulties.
Cascade Sierra Solutions formed in 2006 and says it has saved truckers more than 67 million gallons of diesel fuel since. In 2009 the Environmental awarded the non-profit a $9 million dollar grant. Following an audit the EPA found the grant was misused and the company found itself unable to sustain operations. Loren Scott is CSS’s legal counsel. He says the non-profit’s board of directors is concerned about responsibly shutting down.
Scott: “Many companies when they become insolvent can simply shut the doors and walk away. Here, being a non-profit, being an entity that’s formed for the public benefit, given the existence of grant money and a significant number of truckers who will be unfortunately pulled into this process because they owe the company money should be taken care of as best as possible.”
Scott says following a bankruptcy hearing later this month, CSS will be taken over by Portland receiver Terry Vance. The remaining employees will continue to service existing contracts and loan repayments. It’s unclear how long that will continue.
copyright, 2014 KLCC