Lodging of Settlement Agreement and Release, Regarding Matters Relating to Comprehensive Environmental Response, Compensation and Liability Act and Other Environmental Statutes

[Federal Register Volume 61, Number 13 (Friday, January 19, 1996)]
[Notices]
[Pages 1403-1404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-600]



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DEPARTMENT OF JUSTICE


Lodging of Settlement Agreement and Release, Regarding Matters 
Relating to Comprehensive Environmental Response, Compensation and 
Liability Act and Other Environmental Statutes

    In accordance with Departmental policy, notice is hereby given that 
a proposed Settlement Agreement and Release (``Agreement'') in In re 
Avtex Fibers Front Royal, Inc. (``AFFRI''), Bankr. No. 90-20290 (E.D. 
Pa.), was lodged on December 11, 1995, with the United States 
Bankruptcy Court for the Eastern District of Pennsylvania. The United 
States has entered into the Agreement on behalf of the United States 
Environmental Protection Agency (``EPA''). 

[[Page 1404]]

    The Agreement provides for certain textile spinning nozzles 
(``jets''), having a precious metal content consisting of approximately 
90% platinum, to be melted down, for the precious metal content to be 
sold, and for the proceeds to be distributed to certain of Debtor's 
creditors. Specifically, fifty percent of the proceeds of the sale 
(following payments to the metal refining company, the Trustee, and 
Trustee's counsel) will go to secured creditors and approximately 29% 
and 21% of the net proceeds will go to the Commonwealth of Virginia and 
the United States, respectively. There are six parties to the 
Agreement, which resolves two contested motions and an adversary 
action, and should result in the United States recovering between 
$100,000 and $250,000 against its administrative expense claim in the 
bankruptcy action. Further, the secured creditors will release their 
liens on debtor's real estate, leaving EPA with the senior lien on the 
realty, a 440-acre parcel.
    The Department of Justice will receive, for a period of thirty (30) 
days from the date of this publication, comments relating to the 
proposed Agreement. Comments should be addressed to the Assistant 
Attorney General for the Environment and Natural Resources Division, 
Department of Justice, Washington, D.C. 20530, and should refer to In 
re Avtex Fibers Front Royal, Inc., DOJ Ref. #90-11-3-372.
    The proposed Agreement may be examined at the Office of the United 
States Attorney, 615 Chestnut Street, Suite 1300, Philadelphia, PA 
19106; the Region III Office of the Environmental Protection Agency, 
841 Chestnut Building, Philadelphia, Pennsylvania 19107; and at the 
Consent Decree Library, 1120 G Street, N.W., 4th Floor, Washington, 
D.C. 20005, (202) 624-0892. A copy of the proposed Agreement may be 
obtained in person or by mail from the Consent Decree Library, 1120 G 
Street, N.W., 4th Floor, Washington, D.C. 20005. In requesting a copy 
please refer to the referenced case and enclose a check in the amount 
of $18.25 (25 cents per page reproduction costs), payable to the 
Consent Decree Library.
Joel M. Gross,
Section Chief, Environmental Enforcement Section, Environment and 
Natural Resources Division.
[FR Doc. 96-600 Filed 1-18-96; 8:45 am]
BILLING CODE 4410-01-M