Date: October 18, 2001
Source: News Room
EarthCare Company (OTC Bulletin Board: ECCO) has signed a letter of intent to sell its Solid Waste division for $42 million to a private company, General Waste Corporation, which is owned by Donald F. Moorehead, Jr., EarthCare's Chairman. The transaction would result in a $5 million reduction of the company's senior debt, and the return to EarthCare of $18.9 million in the aggregate of face value of its Series A preferred stock and principal amount of its 12% Subordinated Notes due March 30, 2008. General Waste will also assume approximately $18.1 million in other indebtedness of EarthCare's Earth Resource Management subsidiaries, which conducts its solid waste business.
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