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 11, 2002
-----------------------------------
(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)
ITEM 5. OTHER EVENTS
On March 11, 2002 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 March 11, 2002 (Filed herewith.)
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 12, 2002 By: /s/ James K. Lehman
------------------------------------------
James K. Lehman
Senior Vice President, General Counsel and
Secretary
EXHIBIT INDEX
Exhibit No. Description
- ---------- -----------
99.1 Press Release issued March 11, 2002 (Filed herewith.)
Exhibit 99.1
FOR IMMEDIATE RELEASE Media Contact: John Kyte
March 11, 2002 803-933-4224
SAFETY-KLEEN RECEIVES APPROVAL OF BIDDING PROCEDURES FOR SALE OF CHEMICAL
SERVICES DIVISION
Columbia, SC - Safety-Kleen Corp. today announced that on March 8, 2002, the
U.S. Bankruptcy Court approved the bidding and auction process for the sale of
the Company's Chemical Services Division (CSD).
On Feb. 25, 2002, Safety-Kleen announced that the Company had reached a
definitive agreement with Clean Harbors, Inc., to acquire the CSD. Pursuant to
the terms of that agreement, Clean Harbors would purchase the Division from
Safety-Kleen for $46.3 million in cash and the assumption of certain
liabilities, including environmental liabilities valued at approximately $265
million.
Under the bidding procedures approved by the Bankruptcy Court, any
party interested in purchasing the CSD must submit a qualified bid by May 30,
2002, in order to be considered. If one or more qualified bids are received, an
auction will be held.
"We are pleased that the court has approved the bidding process for the CSD
sale," said Safety-Kleen Chairman, CEO and President Ronald A. Rittenmeyer.
"This action will allow us to continue to move forward with our efforts to sell
the Division."
Based in Columbia, SC, Safety-Kleen Corp. is the largest industrial and
hazardous waste management company in North America, serving more than 400,000
customers in the United States, Canada, Mexico and Puerto Rico. Safety-Kleen
Corp. is currently under Chapter 11 bankruptcy protection, which it entered into
voluntarily on June 9, 2000.
PRIVATE SECURITIES LITIGATION REFORM ACT
Sections of this release constitute forward-looking statements that involve a
number of risks and uncertainties. Many factors could cause actual results to
differ materially from our expected results. These factors include risks
associated with acquisition of the Chemical Service Division; emergence from
Chapter 11 bankruptcy protection; continued productive relations with creditors;
the continued availability of credit; changes in demand for the Company's
services; and competition.
###