Bankrupt Safety-Kleen gets $40 million US liferaft

COLUMBIA, S.C. (June 19, 2000) — Safety-Kleen Corp. said it has secured a $40 million US loan from an undisclosed source so the industrial waste disposal company can continue operations while it is in Chapter 11 bankruptcy protection.

“We are pleased that the bankruptcy court granted our request for $40 million US of interim funding,” David Thomas, Safety-Kleen’s chief executive, said in a statement. “The availability of these funds will enable us to maintain normal business operations.”

Safety-Kleen, which is based in Columbia and is 44% owned by Burlington, Ont.-based Laidlaw Corp., filed for bankruptcy protection in Delaware, where it is incorporated, on June 9 following a succession of financial troubles. The company’s bankruptcy filing said there were more than $1.6 billion US in claims against it.

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