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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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NOVEMBER 18, 1998 (NOVEMBER 17, 1998)
Date of Report (Date of earliest event reported)
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PHILIP SERVICES CORP.
(Exact name of Registrant as specified in its charter)
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ONTARIO 0-20854 NOT APPLICABLE
(State or other (Commission File Number) (IRS Employer Identification
jurisdiction) No.)
of incorporation)
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100 KING STREET WEST,
P.O. BOX 2440, LCD1,
HAMILTON, ONTARIO, CANADA
L8N 4J6
(Address of principal executive offices, including zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (905) 521-1600
N/A
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On November 17, 1998, Philip Services Corp. (the "Company") responded to a
Schedule 13D filed by Carl Icahn of High River Limited Partnership. A copy of
the Company's press release dated November 17, 1998 is set forth in Exhibit 99.1
to this report.
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EXHIBIT NUMBER DESCRIPTION
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99.1 Press release dated November 17, 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 authorized.
PHILIP SERVICES CORP.
/s/ COLIN H. SOULE
By:
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Executive Vice President
and General Counsel
Dated: November 18, 1998
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EXHIBIT INDEX
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EXHIBIT NUMBER DESCRIPTION
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99.1 Press release dated November 17, 1998
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EXHIBIT 99.1
NEWS RELEASE
PHILIP RESPONDS TO ICAHN 13D FILING
Hamilton, Ontario, November 16, 1998 -- Philip Services Corp. (NYSE/TSE/ME:
PHV) today responded to a Schedule 13D filed by Carl Icahn of High River Limited
Partnership.
The Company is working with its lenders to develop a debt-restructuring
plan that will be completed on schedule by December 15, 1998. While the Company
has the support of its lenders on this plan and timeline, Mr. Icahn is
endeavouring to accelerate this process. The Board of Directors has considered
Mr. Icahn's letter and will advise Mr. Icahn that the Company is willing to meet
with him and its other lenders without delay to formulate the restructuring plan
for the Company's debt and ownership that will preserve value for all
stakeholders.
"The Board and senior management are committed to working with our lenders
to develop and implement this plan in order to stabilize the Company's financial
situation," said Jack McGregor, CEO. "The Company and its management have the
knowledge of the business, client relationships and employee support to realize
a successful restructuring of our debt," continued Mr. McGregor. "Concurrently,
management is implementing cash conservation, cost reduction and cash generation
initiatives to increase profitability and cash flow from the businesses. The
continued support and participation of the Company's lenders for these efforts
is the best assurance for securing value."
Philip Services is an integrated metals recovery and industrial services
company with operations throughout the United States, Canada and Europe. Philip
provides ferrous and non-ferrous processing services, together with diversified
industrial outsourcing services, to all major industry sectors.
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Contact: Lynda Kuhn
VP Corporate Communications and Investor Relations
(905) 540-6788/6789
Media: (905) 540-6658
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