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
December 7, 2000
---------------------------------
(Date of earliest event reported)
SAFETY-KLEEN CORP.
------------------------------------------------------
(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
----------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
---------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
On December 7, 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
---------- -------------------------------------
99.1 Press Release issued December 7, 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: December 11, 2000 By: /s/ Henry H. Taylor
-------------------
Henry H. Taylor
Vice President, General Counsel
and Secretary
<PAGE>
SAFETY-KLEEN CORP.
EXHIBIT INDEX
Exhibit No. Description
---------- -------------------------------------
99.1 Press Release issued December 7, 2000 (Filed herewith.)
<PAGE>
Exhibit 99.1
FOR IMMEDIATE RELEASE Media Contact: John Kyte or Wade Gates
December 7, 2000 803-933-4224
SAFETY-KLEEN SELECTS INDIAN HARBOR TO PROVIDE CLOSURE, POST-CLOSURE INSURANCE
POLICIES
COLUMBIA, SC (DECEMBER 7, 2000) - Safety-Kleen today announced that it
has reached agreement with Indian Harbor Insurance Co. to provide approximately
$143 million worth of closure, post-closure and corrective action financial
assurance for Safety-Kleen facilities. Indian Harbor is an A+ rated company
headquartered in North Dakota.
The Indian Harbor policies replace policies previously provided to
Safety-Kleen by Reliance Insurance Company. Reliance has recently experienced
financial difficulties, prompting Safety-Kleen to seek replacement policies.
"This is great news for our customers and our regulators," said
Safety-Kleen President and COO Grover Wrenn. "Indian Harbor is a top-rated
company, and with them on board we have in place the kind of long-term liability
protection our customers expect and our regulators require."
Wrenn said the new policies, which represent approximately 30 percent
of Safety-Kleen's closure, post-closure and environmental impairment
instruments, became effective October 15. Final details of the arrangement,
however, were not completed until yesterday, and are still subject to approval
by the U.S. Bankruptcy Court in Delaware.
-more-
<PAGE>
Page 2
About Indian Harbor
Indian Harbor Insurance was formed in 1992 as a subsidiary of NAC
Reinsurance Corporation. In June 1999, NAC became a wholly owned subsidiary of
XL Capital LTD. a Cayman Island Corporation. Paid in capital to Indian Harbor at
the end of 1999 was $5 million, consisting of 50,000 common shares at a par
value of $100 per share. The company has 50,000 authorized shares.
About Safety-Kleen
Safety-Kleen is the largest manager of hazardous and industrial waste
in North America, with 10,000 employees and approximately 400,000 customers in
47 states and seven Canadian provinces. On June 9, 2000, Safety-Kleen and 73 of
its U.S. subsidiaries filed for protection under Chapter 11 of the U.S.
Bankruptcy Code. The Company is reorganizing, and has received court
authorization for up to $100 million in debtor-in-possession (DIP) financing.
Private Securities Litigation Reform Act
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.
# # #
