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
March 13, 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 March 13, 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 March 13, 2000 (Filed herewith.)
<PAGE>
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: March 13, 2000 By: /s/ Grover C. Wrenn
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Grover C. Wrenn
Vice Chairman
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release issued March 13, 2000 (Filed herewith.)
Exhibit 99.1
FOR IMMEDIATE RELEASE
COLUMBIA, SOUTH CAROLINA
MARCH 13, 2000
SAFETY-KLEEN REPORTS CONTINUING INTERNAL INVESTIGATION;
WITHDRAWAL OF PRICEWATERHOUSECOOPERS REPORTS;
NEED FOR CASH TO FUND CURRENT OPERATIONS;
AND SEC INVESTIGATION
Safety-Kleen Corp. (NYSE: SK) announced today that the Company is
continuing the previously announced internal investigation of its prior reported
financial results and certain of its accounting policies and practices.
Preliminary results of such investigation indicate that there have been
accounting irregularities that affected the previously reported financial
results of the Company since fiscal year 1998. The Company is not able to
quantify the effect of such irregularities pending the outcome of the
investigation.
On March 8, 2000, PricewaterhouseCoopers LLP notified the Company by
letter that it was withdrawing its previously issued reports on the financial
statements of the Company for the years ended August 31, 1999, 1998 and 1997,
and stated further that such reports should no longer be relied upon or
associated with the Company's financial statements for such years. The Company
filed a current report on form 8-K with the SEC regarding this matter on March
10, 2000 and attached the letter as an exhibit to the report.
PricewaterhouseCoopers remains the auditor of record and is assisting Arthur
Anderson with the investigation and the restatement of the Company's financial
statements.
The Company's interim management has determined that the Company's cash
position and cash generated from operations will not be sufficient to fund its
current operations without engaging in short-term borrowings or selected asset
dispositions. The Company is in default under certain financial covenants
contained in its credit agreements and is not able to borrow under those
agreements without a waiver of such defaults by the lenders. The Company is
currently engaged in negotiations with the lenders and will not be in a position
to comment further on such negotiations pending their resolution.
The Company has been advised by the staff of the Securities and
Exchange Commission that a formal investigation of the Company has been
initiated. The Company has advised the SEC that it intends to cooperate fully in
the investigation.
This press release contains forward-looking statements. 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 unanticipated loss of key
employees, factors that may impede the Company's ability to conclude its
previously reported internal investigation satisfactorily and expediently, and
factors that may affect the timely implementation of any remedial action.
For further information contact: Grover C. Wrenn, 803-933-4212.
