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 21, 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 21, 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 21, 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: March 21, 2000 By: /s/ Grover C. Wrenn
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Grover C. Wrenn
Vice Chairman
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release issued March 21, 2000 (Filed herewith.)
Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: John Kyte
803-933-4212
March 21, 2000
SAFETY-KLEEN ANNOUNCES INTERIM CFO APPOINTMENT; RETENTION OF JAY ALIX &
ASSOCIATES; CONTINUING NEGOTIATION WITH LENDERS REGARDING ADDITIONAL CREDIT
AVAILABILITY
(Columbia, SC)--Safety-Kleen Corp. (NYSE: SK) announced today the
appointment of John G. (Jack) McGregor as interim Chief Financial Officer (CFO),
and the retention of Jay Alix & Associates of Southfield, Michigan. McGregor is
a principal with Jay Alix & Associates, a nationally recognized firm
specializing in corporate turnarounds and financial restructuring.
"In appointing Jack as CFO, the Safety-Kleen Board of Directors has
selected an experienced financial manager whose background includes working with
companies having operating and financial difficulties similar to those facing
Safety-Kleen," said David E. Thomas, Jr., Chairman of the Safety-Kleen Board's
Executive Committee. "Jack brings a wealth of corporate and financial experience
to our management team, and his talent in turning companies around will help
ensure that we have the specific skills necessary to meet the challenges ahead.
We are working to get this Company back on the right financial footing, and Jack
McGregor has the track record that we need to help make that happen. In
addition, Jay Alix & Associates will provide immediate access to other
principals experienced in crisis information systems and hazardous waste
operations management."
"Jack McGregor will focus his efforts on stabilizing our financial
situation in the short term and on developing a comprehensive financial plan,"
said Grover Wrenn, Vice Chairman of Safety-Kleen.
"McGregor has more than 20 years' experience in turning around troubled
companies," Wrenn said, "and he has stepped in to fill key management roles on
an interim basis for such major companies as Memorex Telex and FoxMeyer Drug Co.
Additionally, he served as interim CEO and Chief Restructuring Officer for
Philip Services Corp., a $2.5 billion waste management and metals processing
company. McGregor was formerly a partner with the accounting firm of Ernst &
Young (Canada)."
"Safety-Kleen certainly faces significant challenges in operations,
finance and information systems," McGregor said, "but with the management
experience already in place, a dedicated workforce of approximately 10,000
employees in the U.S. and Canada, and the assistance of our lenders, I believe
we can develop and execute a turnaround plan. I am proud to be part of the
management team."
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Safety-Kleen also announced that the Company had so far been provided
with availability of approximately $10.0 million under the recently announced
$20.0 million interim credit facility with a group of its lenders. Mr. Thomas
indicated that "we continue to work with our lenders to gain additional
necessary availability under this or other credit facilities. Our lenders have
requested certain detailed financial information and have inquired about the
availability of collateral to support additional borrowings. We are working
diligently to provide them with all necessary information. Additional meetings
with lenders are expected as early as next week."
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 conclusion of negotiations
with the lenders, the availability of additional funding under the interim
credit facility, the purchaser's due diligence investigation of the Elgin
facility, and matters that may arise during the negotiation of definitive
documentation for the sale of that property.
