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 12, 2001
Waste Systems International, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 0-25998 95-420366
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
420 Bedford Street, Suite 300
Lexington, MA 02420
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code:
(781) 862-3000
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On January 11, 2001, Waste Systems International, Inc. (the "Company") and
its 30 subsidiaries filed voluntary petitions to reorganize their business under
Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for
the District of Delaware. No trustee, receiver or examiner has been appointed
and the Company is continuing to operate as a debtor in possession. A press
release relating to these matters is attached hereto as Exhibit 99.1 and
incorporated herein in its entirety by reference.
99.1 Press Release of the Company dated January 11, 2001
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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 SYSTEMS INTERNATIONAL, INC.
Date: January 12, 2001 By: _________________________________
James L. Elitzak
Vice President and Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release of the Company dated January 11, 2001
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Exhibit 99.1
Waste Systems International, Inc.
Lexington Office Park, 420 Bedford Street, Suite 300, Lexington, MA 02420
Tel: 781-862-3000; Fax 781-862-2929
FOR IMMEDIATE RELEASE:
Contacts: Waste Systems International, Inc.
John Boyer, President and Chief Executive Officer
James Elitzak, Vice President and Chief Financial Officer
Tel: 781-862-3000
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WASTE SYSTEMS INTERNATIONAL, INC. FILES FOR CHAPTER 11 REORGANIZATION
Lexington, Massachusetts, January 11, 2001 - Waste Systems International, Inc.
("WSI" "the Company") (NASDAQ: WSII) announced today that the Company and each
of its 30 subsidiaries filed voluntary petitions for reorganization under
Chapter 11 of the U. S. Bankruptcy Code. WSI will continue to operate its
business while it seeks to reorganize under Chapter 11. The petitions were filed
in U. S. Bankruptcy Court in Wilmington, Delaware on January 11, 2001. Following
a review by its Board of Directors of the available alternatives, the Company
determined that a Chapter 11 reorganization is in the best long-term interests
of the Company and its stakeholders.
"We expect that Chapter 11 will provide the Company with the opportunity to
address its financial and capital structure challenges in an orderly and
comprehensive fashion," said John Boyer, the Company's President and Chief
Executive Officer. "The Company has arranged debtor in possession financing that
we expect will provide the Company with sufficient funding to meet the expenses
of running our business during the Chapter 11 proceedings. We need to deleverage
the Company, and believe that Chapter 11 is the appropriate venue to seek to do
that. We look forward to emerging from Chapter 11 as a stronger, more focused
player in the waste management industry."
Under Chapter 11, a company is protected from its creditors while it continues
to operate its business and to negotiate a repayment plan.
Waste Systems International is a fully integrated non-hazardous solid waste
management company that provides solid waste collection, recycling, transfer and
disposal services to commercial, industrial, residential and municipal customers
within certain regional markets in Vermont, New Hampshire, Massachusetts, New
York, Pennsylvania, and the Baltimore/Washington, D.C. area.
Certain matters discussed in this press release are "forward-looking statements"
intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements are
inherently uncertain and subject to risks. Such statements should be viewed with
caution. Among the important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements are the
involvement of the Company's creditors in the Chapter 11 proceedings, bankruptcy
court approvals incident to the Company's operations in Chapter 11 and the
ultimate reorganization of the Company, a history of losses, dependence on
management, the uncertain ability to finance the Company's operations and
growth, limitations on landfill permitting and expansion, geographic
concentration, and the other risk factors detailed from time to time in the
Company's periodic reports and registration statements filed with the Securities
and Exchange Commission. The Company makes no commitment to disclose any
revisions to forward-looking statements, or any facts, events or circumstances
after the date hereof that may bear upon forward-looking statements.
