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Waste Business Journal Weekly News Bulletin: Sep. 24-30, 2003

Headlines...

  1. NYC Mayor Frustrated With Progress Of Marine Transfer Stations
  2. Tetra Tech Signs $12M Contract For Philippines Development
  3. Oretech Will Investigate E-Waste Recycling Possibilities
  4. Halliburton Will Not Seek To Extend Bankruptcy Court Order
  5. Gundle Announces Reduced Earnings Expectations
  6. S&P Raises Credit Rating On Waste Connections
  7. Environmental Elements Wins New Order, Settles Patent Litigation

 

  1. NYC Mayor Frustrated With Progress Of Marine Transfer Stations

    New York City Mayor Michael Bloomberg has expressed dissatisfaction with the progress of plans to replace the city's truck-based hauling system with a barge-based one, according to recent reports in New York Newsday. The city sends 11,000 tons of waste per day to out-of-state landfills since the Fresh Kills landfill stopped accepting municipal waste in 2001. The cost of disposal has risen from $200 per ton in 1997 to $257 in the fiscal year ending June 2002, the most recent year for which statistics are available. The proposed new system, which uses eight or nine marine transfer stations, was intended to be ready by August 2004. But logistical problems and higher costs--$400 million, up from $240 million for the project-have delayed the transfer stations' rollout...Read More »

  2. Tetra Tech Signs $12M Contract For Philippines Development

    Tetra Tech Inc. has received a $12 million, seven-year contract from the U.S. Agency for International Development to provide consulting, engineering and policy development services in the Philippines. The contract is related to USAID's Fisheries Improved for Sustainable Harvest program, which is intended to improve biological diversity and increase sustainable harvest in the Philippines marine ecosystem. In the fiscal year ended Sept. 29, 2002, Tetra earned $34.4 million on revenue of $740.7 million...Read More »

  3. Oretech Will Investigate E-Waste Recycling Possibilities

    Oretech Inc. (OTCBB: ORTE) has announced plans to begin investigating the use of its ore processing technology as a means for recycling and disposing of e-waste. The company is embarking on a business plan to identify sources and types of waste, assess current remediation practices, and identify market needs and opportunities. After the business plan, the company will look to establish an e-waste demanufacturing and recovery plant in Phenix City, Ala. Oretech's materials processing technology extracts minerals from various feedstocks without the use of chemicals. The company has been in operation since April 2003...Read More »

  4. Halliburton Will Not Seek To Extend Bankruptcy Court Order

    Halliburton Co. (NYSE: HAL) will cease seeking to extend a bankruptcy court order blocking more than 200,000 asbestos injury claims against one of its units. The company is now preparing to make a Chapter 11 bankruptcy filing in November for its subsidiaries, including DII Industries, Kellogg Brown, & Root, and others involved in asbestos litigation. Once filed, the bankruptcy plan will automatically block any further asbestos claims, even if the court's stay expires. The total cost of the settlement could potentially exceed $4.5 billion. But in July, the company told investors it expected the final settlement to "modestly exceed" its estimates of $2.78 billion...Read More »

  5. Gundle Announces Reduced Earnings Expectations

    Gundle/SLT Environmental, Inc. (NYSE: GSE), a provider of geosynthetic lining solutions, products and services, has announced that third quarter and year 2003 operating earnings are to be lower than expected, primarily attributable to weather patterns across the United States. The company still expects 2003 to outperform 2002, but has lowered expectations from operations. GSE expects third quarter 2003 net income to be approximately $10 million on sales and operating revenue of $93 million...Read More »

  6. S&P Raises Credit Rating On Waste Connections

    Standard & Poor's Ratings Services has raised its corporate credit rating on Waste Connections Inc. (NYSE: WCN) to 'BB+' from 'BB', reflecting an improved financial profile because of increasing cash flow and managed growth, with a stable outlook. Standard & Poor's also assigned a BB+ rating to Waste Connections' proposed $500 million senior secured credit facilities. The company will use the proceeds to refinance its existing credit; total debt outstanding was about $562 million as of June 30, 2003...Read More »

  7. Environmental Elements Wins New Order, Settles Patent Litigation

    Environmental Elements Corporation (Amex: EEC) has received an order valued over $1.5 million for the design and supply of a new modular fabric filter system. The air pollution control equipment will remove particulate emissions from a new circulating fluid bed boiler being installed at a municipal utility site located in the mid-west with delivery scheduled for the spring of 2004. The company has also entered into a confidential settlement to dismiss patent litigation with EC&C Technologies, Inc., Hamon Research Cottrell, Inc. and Wahlco, Inc. relating to Environmental Elements' Ammonia-on-Demand technology for generating ammonia from urea. As part of the agreement, EEC will discontinue its AOD business...Read More »

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