EXHIBIT 50

 
SK Parent Corp. Confirms Financing for Philip Services' 
Contribution in Place to Complete Safety-Kleen Acquisition

NEW YORK--(BUSINESS WIRE)--March 5, 1998--SK Parent Corp., a company owned 
equally by Philip Services Corp. (NYSE: PHV), affiliates of Apollo Management, 
L.P. and affiliates of The Blackstone Group, today confirmed that CIBC Capital 
Partners, a division of the Canadian Imperial Bank of Commerce [NYSE:BCM], had 
reaffirmed its commitment to finance Philip's $200 million equity contribution 
to SK Parent. SK Parent has offered to acquire all shares of Safety-Kleen Corp. 
(NYSE:SK) for $27 per share in cash.

Philip, Apollo and Blackstone have each committed to contribute $200 million in 
cash to SK Parent as equity. Apollo and Blackstone's respective $200 million 
equity commitments are also in place. To finance the remaining portion of the 
offer, SK Parent will borrow under a $1.5 billion credit facility that is fully 
underwritten by The Chase Manhattan Bank and Canadian Imperial Bank of Commerce.
That facility has been fully syndicated.

On February 9, 1998, Safety-Kleen's Board of Directors reaffirmed its 
recommendation that Safety-Kleen shareholders vote in favor of the SK Parent 
merger. A special meeting of Safety-Kleen shareholders to vote on the merger 
agreement with SK Parent is scheduled for March 9, 1998. SK Parent intends to 
consummate the merger as soon as practicable after the certification of a 
favorable vote of Safety-Kleen shareholders.

Philip Services is a fully integrated resource recovery and industrial services 
company, with operations throughout the United States, Canada and the United 
Kingdom. Philip provides steel, copper and aluminum processing and recovery 
services, together with diversified industrial out-sourcing services, to all 
major industry sectors.

Apollo Management is a private merchant banking firm with in excess of $5 
billion of assets under management that specializes in private equity and debt 
transactions. The Blackstone Group is a private investment bank, affiliates of 
which sponsor corporate private equity and real estate funds with aggregate 
commitments of $5 billion.