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UNITED STATES
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
Date of Report (Date of Earliest Event Reported): JANUARY 27, 1998
WASTE RECOVERY, INC.
(Exact name of registrant as specified in its charter)
TEXAS 0-14881 75-1833498
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
309 SOUTH PEARL EXPRESSWAY
DALLAS, TEXAS 75201
(Address of principal executive offices)
(214) 741-3865
(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS.
On January 27, 1997, Waste Recovery, Inc. (the "Registrant") announced
the default by one of its subsidiaries, Waste Recovery-Illinois, General
Partnership, with respect to certain of such subsidiary's debt service
obligations on two industrial revenue bond issues. The Registrant is the
guarantor of the subsidiary's indebtedness on these bond issues. A copy of
the explanatory press release dated January 27, 1998 is attached hereto as
Exhibit 20.
The Registrant (OTC:WRII) is the leading American processor of scrap
tires and producer of tire-derived fuel.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
20 Press release issued January 27, 1998.
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SIGNATURES
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.
WASTE RECOVERY, INC.
Dated: January 27, 1998 By: /s/ David G. Greenstein
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Printed Name: David G. Greenstein
Title: President and CEO
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EXHIBIT INDEX
Exhibit
Number Description Page
- ------- ----------- ----
20 Press release issued January 27, 1998. 6
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FOR IMMEDIATE RELEASE
January 27, 1998
WASTE RECOVERY-ILLINOIS BONDS
DALLAS, JANUARY 27-- Waste Recovery, Inc. (OTC:WRII), the leading American
processor of scrap tires and producer of tire-derived fuel (TDF), today
announced the default by one of its subsidiaries with respect to certain of
the subsidiary's debt service obligations on two industrial revenue bond
issues.
The Illinois bonds, which were issued in 1994 by the Southwestern Illinois
Development Authority and the Upper Illinois River Valley Development
Authority, were issued in connection with the construction of the Company's
two Illinois facilities. Because of delays in bringing these projects up to
sufficient levels of operating capacity, the cash flow from the projects was
insufficient in fiscal 1997 to meet the principal, interest and sinking fund
payment of $1,275,075 due on February 1, 1998. As a consequence, that
payment will not be made. The Company is a guarantor of this indebtedness
which totaled $7,310,000 at December 31, 1997.
Contact: Waste Recovery, Inc.
Corporate Offices
309 South Pearl Expressway
Dallas, Texas 75201
(214) 741-3865
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