Philip to sell metals business

Article Abstract:

Philips Services Corp., based in Hamilton, Ontario, Canada, unveiled plans to divest all its scrap metal divisions, which is credited for nearly two-thirds of the company's revenue in 1997. The divisions, which include steel, copper and aluminum recycling operations, had C$1.1 billion in revenue in 1997, or an estimated 64% of Philips' C$1.75 billion revenue. Philips was prompted by its intention to reduce debts as a syndicate of 38 bankers pressure the company to pay C$1.1 billion. The divestiture is also planned to shift focus on its industrial services operation, which brings higher margins as compared to the metal scrap businesses.

Comment:

Plans to divest all its scrap metal divisions, which is credited for nearly two-thirds of the company's revenue in 1997

Asset sales & divestitures, Metals Recovery, Materials Recovery Facilities, Metal recycling, Philips Services Corp.

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Lenders let Philip draw out $60-million

Article Abstract:

Philip Services Corp., a Hamilton, Ontario-based industrial waste recycling company, has announced its lenders have allowed the company to borrow another $60 million from its credit facility. The loan was granted to Philips Services after it promised to pay down debt with the proceeds of the $93-million sale of its US steel and distribution center in Houston, TX. The company, which promised to sell a maximum of $1.1 billion in assets to pay down its credit facility, said it will use the new funds as general working capital.

Comment:

Announces its lenders allowed the company to borrow another $60 million from its credit facility

Receipt of funds, Solid Waste Collection, Industrial Solid Waste, Industrial solid wastes, Philip Services Corp.

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OSC eyes new tack on litigation

Article Abstract:

The efforts of the Ontario Securities Commission to set up a tribunal for the investigation and control of securities fraud are described. The rate of the conviction of corporate officials in cases heard by the courts is discussed.

Services information, Services, Control, Securities fraud, Ontario. Securities Commission

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