Date: April 4, 2002
Source: News Room
Covanta Energy Corporation (NYSE: COV) has announced a financial restructuring plan arising from its review of possible alternatives. In the first step of that plan, the company has filed a voluntary petition for Chapter 11 reorganization with the U.S. Bankruptcy Court in the Southern District of New York. The company's core energy and water facilities will continue to operate in the normal course of business and will be unaffected by the filing. The company has also entered into a Letter of Intent with the investment firm of Kohlberg, Kravis, Roberts & Co. for a $225 million equity investment, under which a KKR affiliate would acquire the company upon emergence from Chapter 11. Covanta also announced a strategic restructuring program to focus on the U.S. energy and water market, dispose of non-core assets and reduce overhead costs. More information: www.covantaenergy.com.
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