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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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JANUARY 12, 1999 (JANUARY 11, 1999)
Date of Report (Date of earliest event reported)
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PHILIP SERVICES CORP.
(Exact name of Registrant as specified in its charter)
ONTARIO 0-20854 NOT APPLICABLE
(State or other jurisdiction (Commission File Number) (IRS Employer Identification
of incorporation) No.)
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 January 11, 1999, Philip Services Corp. (the "Company") announced that
it has negotiated a term sheet with a sub-committee of the Steering Committee of
its lenders, who collectively hold the largest portion of the more than US$1
billion of the Company's outstanding bank debt. A copy of the Company's press
release dated January 11, 1999 is set forth in Exhibit 99.1 to this report.
EXHIBIT NUMBER DESCRIPTION
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99.1 Press release dated January 11, 1999
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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: January 12, 1999
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