SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
July 19, 2000
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(Date of earliest event reported)
SAFETY-KLEEN CORP.
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(Exact name of Registrant as specified in its charter)
Delaware 001-8368 51-0228924
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
1301 Gervais Street, Suite 300,
Columbia, South Carolina 29201
(Address of principal executive offices, including zip code)
(803) 933-4200
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On July 19, 2000, the registrant issued the press release filed with this
Current Report on Form 8-K as Exhibit 99.1. The information contained in Exhibit
99.1 is incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit No. Description
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99.1 Press Release issued July 19, 2000 (Filed herewith.)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAFETY-KLEEN CORP.
Date: July 20, 2000 By: /s/ David Thomas, Jr.
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David Thomas, Jr.
Chief Executive Officer and Chairman of
the Board
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release issued July 19, 2000 (Filed herewith.)
<PAGE>
Exhibit 99.1
FOR IMMEDIATE RELEASE Media Contact:
Wade Gates or John Kyte
July 19, 2000 803-933-4224
SAFETY-KLEEN FINALIZES DEBTOR-IN-POSSESSION FINANCING
(Wilmington, DE) - Safety-Kleen Corp. today announced that the U.S.
Bankruptcy Court in Wilmington, Delaware, has approved the company's request for
$100 million in debtor-in-possession (DIP) financing. The court approved an
initial $40 million DIP financing in June.
"We are pleased that the court granted the full amount of our request,"
said Safety-Kleen CEO David E. Thomas, Jr. "This is another important step
toward our goal of maintaining normal business operations while we reorganize
the company."
The court also approved the sale of Safety-Kleen's 44 percent interest
in its subsidiary, SK Europe, Inc., to Electra European Fund LP, the other
principal shareholder in SK Europe, Inc. Additionally, the court approved the
sale of two parcels of land in Mojave, CA, and Ann Arbor, MI. Safety-Kleen's
proceeds from the sale of SK Europe and the land parcels total approximately $18
million.
Under the Private Securities Litigation Reform Act of 1995, sections of
this release constitute forward-looking statements that involve a number of
risks and uncertainties. Actual results and events may differ materially from
those projected in the forward-looking statements. Many factors could cause
actual events and results to differ from those expected, including, but not
limited to the outcome of continuing negotiations with Safety-Kleen's lenders,
the availability of additional funding under credit facilities or from other
sources, and other items discussed in the Company's filings with the Securities
and Exchange Commission.
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