Laidlaw, Safety-Kleen Settle Series of Claims
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Laidlaw Inc., the owner of Greyhound bus lines, and Safety-Kleen Corp., a handler of hazardous waste, said they reached “an amicable resolution” of claims through a court-approved mediation process.
These included Laidlaw’s $6.5-billion claim against Safety-Kleen, Safety-Kleen’s $13.8-billion claim against Laidlaw, claims by Safety-Kleen’s secured lenders of $6.3 billion against Laidlaw and claims by officers and directors of each company against the other.
The settlement could pave the way for both firms to emerge from bankruptcy protection.
Burlington, Canada-based Laidlaw holds a 44% stake in Columbia, S.C.-based Safety-Kleen.
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