The sale of Safety-Kleen Corp's chemical services division, Columbia SC, to Clean Harbors Inc, Braintree MA, was approved during a Bankruptcy Court hearing Tuesday, June 18. Over the past two days the court rejected objections to the sale of the division, including those raised by Onyx North America, and approved the sale to Clean Harbors.
"Receiving the Court's approval is a major milestone in the sale process, and in our efforts to emerge from bankruptcy before the end of the year," said Ronald A Rittenmeyer, Safety-Kleen chairman, chief executive officer, and president. "Now we look forward to beginning the transition process and bringing the sale to closure later this summer."
The court had delayed the sale hearing, originally scheduled for June 13, in order to allow Onyx North America to submit a revised bid for the division after a May 30 bid filed by Onyx was determined not to be qualified. Onyx submitted another bid on Friday, June 14, but that bid also was determined not to be qualified.
"The sale of the chemical services division to Clean Harbors will allow Safety-Kleen to focus exclusively on our core business in the parts washer and waste management services industry," Rittenmeyer said. "At the same time, our existing chemical division customers know they will be working with an established industry leader that puts customer service and environmental protection first. Everyone's a winner."