Independence Construction Materials will open a new asphalt plant in Jessup in Howard County June 10. The new facility will provide aggregate and asphalt products for road projects in Maryland and Washington, many of which will begin construction with funds from the federal economic stimulus program. The plant will use a "green system" technology to decrease energy consumption and lower greenhouse emissions. ICM operates eight asphalt plants and six aggregate quarries and is one of the largest construction materials suppliers in the Mid-Atlantic region. Jessup is its largest plant.
- Andrea K. Walker
Rosecroft parent files for Chapter 11
Cloverleaf Enterprises Inc., of Fort Washington, the parent of Rosecroft Raceway, a Prince George's County harness track, filed for bankruptcy-law protection yesterday in the U.S. Bankruptcy Court for Maryland. Cloverleaf is the second Maryland race track owner to file for Chapter 11 protection this year. In March, Magna Entertainment Corp., owner of Pimlico Race Course, Laurel Park and the rights to the Preakness Stakes, filed under Chapter 11. According to the bankruptcy petition, the Maryland Jockey Club is the largest unsecured creditor, and Cloverleaf is contesting the $1.24 million it owes under a 2006 memorandum of understanding with the Jockey Club. Cloverleaf estimated assets to be between $10 million and $50 million, and debts to be between $1 million and $10 million.
- Frederick N. Rasmussen
