Date: July 24, 2003
Source: News Room
A dispute between Safety-Kleen Corp.'s loan providers in the U.S. and Canada threatens to delay the company's proposed turnaround plan. Disputing the proper allocation of new common and preferred stock to the Canadian lenders under the plan, some lenders who provided Safety-Kleen with credit facilities in the U.S. before its Chapter 11 filing have said they may vote against the plan. To remove this threat to confirmation of its plan, Safety-Kleen has asked the U.S. Bankruptcy Court in Wilmington, Del., to allow it to delay turning over the new equity directly to the Canadian lenders. A hearing on the matter is set for Aug. 1. Safety-Kleen, based in Columbia, S.C., filed for bankruptcy protection June 9, 2000, listing assets of $4.45 billion and liabilities of $ 3.14 billion. The company is 44% owned by Laidlaw Inc., which itself filed for bankruptcy court protection in the U.S. and Canada in June 2001.
More information: www.safety-kleen.com.
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