Debts Stack Like Trash: Breakdown of What’s Owed
Agran detailed a bleak balance sheet. The company is saddled with:
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Nearly $24.7 million in senior notes
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About $158.4 million in junior notes
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A $500,000 bridge loan
The Shoosmith Landfill, spanning 262 acres in Chester, Virginia, had been active since 1976 and was operated by VWS beginning in 2008. The site shut down operations in 2022, but its environmental and financial legacies live on.
Methane Dreams Turn to Nightmares
VWS also placed bets on methane recovery—bets that didn’t pay off. In 2020, the company inked a deal with a Morrow Energy subsidiary to sell methane gas extracted from the landfill, projecting royalties of over $1 million monthly once initial investments were recouped.
Instead, costs for the methane system ballooned to $42 million, while the most recent royalty payment limped in at just $44,000, according to Agran. Worse, state environmental regulators have flagged potential air pollution violations, which VWS attributes to the gas operations—further complicating its compliance standing.
