SCHEDULE 14A INFORMATION
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of 1934 [Amendment No. ______]
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SAFETY-KLEEN CORP.
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(Name of Registrant as Specified in Its Charter)
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On February 10, 1998, SK Parent issued the following press release:
FOR IMMEDIATE RELEASE
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Contact: David Reno/Fred Bratman
Sard Verbinner & Co
212/687-8080
SK PARENT CORP. AFFIRMS ITS
COMMITMENT TO ACQUIRE SAFETY-KLEEN
February 10, 1998 - New York, New York - SK Parent Corp., a company owned
equally by Philip Services Corp. (NYSE: PHV), affiliates of Apollo Management,
L.P. and affiliates of Blackstone Management Partners III L.L.C., announced
today that it was gratified by the decision of the Safety-Kleen Corp. (NYSE: SK)
Board to reject Laidlaw Environmental Services, Inc.'s (NYSE: LLE) revised
hostile exchange offer and to reaffirm its recommendation of the $27 per share
merger agreement with SK Parent.
SK Parent and its three partners remain committed to the Safety-Kleen
merger and believe that the benefits of the transaction remain as compelling
today as when Safety-Kleen entered into the definitive merger agreement with SK
Parent in late November.
As was disclosed in Safety-Kleen's SEC filings yesterday, Philip Services
has delivered a letter to Safety-Kleen stating that although bank approvals are
required, based on the discussions had with Philip's lead bankers, Philip is
confident that the commitment for funding Philip's portion of the SK Parent
equity will be in place in advance of the Safety-Kleen shareholders meeting and
Philip's funding will be in place when required. Apollo and Blackstone each
confirmed today that the funding for their portion of the equity of SK Parent
will be in place when required. SK Parent also stated that it is in the process
of finalizing the documentation with respect to the credit agreement for the
debt financing necessary to consummate the $27 per share merger with Safety-
Kleen.