Exclusivbericht für Laid Law bgeisterte.--Reorganisation--Wie es weitergeht... - 500 Beiträge pro Seite

[Tornado 34]

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LAIDLAW BANKRUPTCY NEWS Issue Number 1*
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Copyright 2001 (ISSN XXXX-XXXX) June 30, 2001
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Bankruptcy Creditors` Service, Inc. 609-392-0900 FAX [phone]
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LAIDLAW BANKRUPTCY NEWS is published by Bankruptcy Creditors`
Service, Inc., 24 Perdicaris Place, Trenton, New Jersey 08618,
On an ad hoc basis (generally every 10 to 20 days) as significant
activity occurs in the Debtors` cases. Each issue is prepared by
Peter A. Chapman, Editor. Subscription rate is US$45 per issue.
Reproduction and re-mailing of LAIDLAW BANKRUPTCY NEWS is
prohibited without permission of the publisher.
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IN THIS ISSUE
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[00000] HOW TO ORDER A SUBSCRIPTION TO LAIDLAW BANKRUPTCY NEWS
[00001] BACKGROUND & DESCRIPTION OF LAIDLAW
[00002] CONSOLIDATED BALANCE SHEET AT MARCH 31, 2001
[00003] COMPANY`S PRESS RELEASE ABOUT CHAPTER 11 & CCAA FILINGS
[00004] LAIDLAW DEBTORS` CHAPTER 11 DATABASE
[00005] LAIDLAW APPLICANTS` CCAA DATABASE
[00006] LIST OF LAIDLAW`S 20 LARGEST UNSECURED CREDITORS
[00007] DEBTORS` MOTION FOR JOINT ADMINISTRATION OF U.S. CASES
[00008] APPLICANTS` MOTION TO PAY PREPETITION EMPLOYEE CLAIMS
[00009] DEBTORS` MOTION TO PAY PREPETITION EMPLOYEE OBLIGATIONS
[00010] OVERVIEW OF LAIDLAW`S CHAPTER 11 PLAN OF REORGANIZATION


KEY DATE CALENDAR
-----------------

06/28/01 Voluntary Petition Date

07/13/01 Deadline for filing Schedules of Assets and Liabilities
07/13/01 Deadline for filing Statement of Financial Affairs
07/13/01 Deadline for filing Lists of Leases and Contracts
07/18/01 Deadline to provide Utilities with adequate assurance
08/27/01 Deadline to make decisions about lease dispositions
09/26/01 Deadline to removal actions pursuant to F.R.B.P. 9027
10/26/01 Expiration of Debtors` Exclusive Plan Proposal Period
12/25/01 Expiration of Debtors` Exclusive Solicitation Period
06/27/03 Deadline for Debtors` Commencement of Avoidance Actions

<None> Organizational Meeting with UST to form Committees
<None> Bar Date for filing Proofs of Claim
<None> First Meeting of Creditors pursuant to 11 USC Sec. 341




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[00000] HOW TO ORDER A SUBSCRIPTION TO LAIDLAW BANKRUPTCY NEWS
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LAIDLAW BANKRUPTCY NEWS is distributed to paying subscribers by
electronic mail. New issues are published on an ad hoc basis as
significant activity occurs (generally every 10 to 20 days) in
the Debtors` cases. The subscription rate is $45 per issue.
Newsletters are delivered via e-mail; invoices, transmitted
following publication of each newsletter issue, arrive by fax.
Distribution to multiple individuals at the same firm is provided
at no additional charge; folks outside of your firm should set-up
and pay for their own subscriptions. Subscriptions may be
canceled at any time without further obligation.

To continue receiving LAIDLAW BANKRUPTCY NEWS, please complete the
form below and return it by fax or e-mail to:

Bankruptcy Creditors` Service, Inc.
24 Perdicaris Place
Trenton, NJ 08618
Telephone [phone]
Fax [phone]
E-mail: [e-mail]

We have published similar newsletters tracking billion-dollar
insolvency proceedings since 1990. Currently, we provide similar
coverage about the chapter 11 cases involving Safety-Kleen,
Reliance Group Holdings & Reliance Financial, The FINOVA Group,
Inc., W.R. Grace & Co., Owens Corning, Armstrong World
Industries, USG Corporation, Pacific Gas and Electric Company,
LTV, Wheeling-Pittsburgh, Fruit of the Loom, Pillowtex, Warnaco,
Bridge Information Services, Service Merchandise, Winstar,
360networks, ICG Communications, PSINet, Lernout & Hauspie &
Dictaphone, Imperial Sugar, Vlasic Foods, The Loewen Group
International, Inc., Harnischfeger Industries, Inc., Vencor,
Inc., Sun Healthcare Group, Inc., Mariner Post-Acute & Mariner
Health, Genesis Health & Multicare, and Integrated Health
Services.


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[00001] BACKGROUND & DESCRIPTION OF LAIDLAW
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LAIDLAW INC.
3221 North Service Road
P.O.Box 5028
Burlington, Ontario L7R 3Y8
Telephone [phone]
http://www.laidlaw.com

Laidlaw Inc. is a holding company which through its operating
subsidiaries, provides essential, specialized services dedicated
to "getting people where they have to go", throughout North
America.

The company holds leading positions in school and intercity bus
service, municipal transit, ambulance transportation and hospital
emergency department management. Laidlaw also has a growing
presence in the tourism busing sector.

Laidlaw`s 95,000 employees provide services to passengers and
patients from nearly 4000 locations in the United States and
Canada. Corporate headquarters are in Burlington, Ontario,
Canada.

More than 90% of the company`s revenue is generated from services
provided to the public in the United States; the balance is
generated by operations in Canada.

A consolidator and operator of bus services since the early
1970`s, Laidlaw entered the ambulance service business in 1993.
Its solid waste interests were sold in 1996, and in 1997 its
hazardous waste management business was taken public through a
merger with Rollins Environmental. Laidlaw maintains a 44%
interest in the entity which purchased Safety-Kleen Corp. in 1998
and adopted that corporate name.

Laidlaw doubled its presence in the ambulance service business
with the 1997 acquisition of American Medical Response, Inc. and
extended its healthcare services to include emergency department
management with the 1998 acquisition of EmCare Holdings, Inc.

The company acquired Greyhound Canada Transportation Corporation
in 1997 and Greyhound Lines, Inc., the primary intercity bus
operator in the U.S., in March 1999.

Laidlaw now holds the premier position in each of its
transportation markets in North America.

In September, 1999 Laidlaw Inc. classified its healthcare
subsidiaries -- American Medical Response, Inc. and EmCare
Holdings, Inc as discontinued. These assets remain for sale as
the company focuses on its transportation services businesses.



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[00002] CONSOLIDATED BALANCE SHEET AT MARCH 31, 2001
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LAIDLAW INC.
CONSOLIDATED BALANCE SHEET
At February 28, 2001
(Unaudited)

ASSETS
Current assets
Cash and cash equivalents $216,900,000
Short-term investments and marketable
Securities - at cost which
approximates market value 5,000,000
Trade accounts receivable
(net of allowance for doubtful
accounts of $4,000,000) 284,600,000
Other receivables 33,600,000
Income taxes recoverable 900,000
Parts and supplies 37,800,000
Other current assets 35,100,000
--------------
Total current assets 613,900,000

Net assets of discontinued operations 433,200,000

Long-term investments 350,200,000

Property and equipment
Land 156,300,000
Buildings 233,800,000
Vehicles 1,756,400,000
Other 190,300,000
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2,336,800,000
Less: Accumulated depreciation
and amortization 858,300,000
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1,478,500,000

Other assets
Goodwill (net of accumulated
amortization of $155,200,000 1,189,300,000
Pension asset 45,100,000
Deferred charges 14,700,000
--------------
1,249,100,000
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Total assets $4,124,900,000
==============

LIABILITIES
Current liabilities
Accounts payable $90,900,000
Accrued interest payable 276,800,000
Other accrued liabilities 327,200,000
Current portion of long-term debt 3,381,000,000
--------------
Total current liabilities 4,075,900,000
Future income tax liability 13,300,000
Other long-term liabilities 226,900,000
Long-term debt 274,200,000
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Total liabilities 4,590,300,000
--------------

SHAREHOLDERS` DEFICIENCY
Preference Shares 7,900,000
Common Shares
325,927,870 shares issued and outstanding 2,222,600,000
Cumulative foreign currency translation
Adjustments (163,200,000)
Deficit (2,532,700,000)
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Total shareholders` deficiency (465,400,000)
--------------
Total liabilities and
shareholders` deficiency $4,124,900,000
==============



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[00003] COMPANY`S PRESS RELEASE ABOUT CHAPTER 11 & CCAA FILINGS
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BURLINGTON, Ontario -- June 28, 2001 -- Laidlaw Inc.
(TSE:LDM; OTC:LDWIF) announced today that as part of its
financial restructuring, the company and five of its subsidiary
holding companies -- Laidlaw Investments Ltd., Laidlaw
International Finance Corporation, Laidlaw One, Inc., Laidlaw
Transportation, Inc. and Laidlaw USA, Inc. -- have filed
voluntary petitions for reorganization under chapter 11 of the
U.S. Bankruptcy Code in the United States Bankruptcy Court for
the Western District of New York. As part of the U.S. filings,
the company filed its Plan of Reorganization, Disclosure
Statement and ancillary exhibits. The company and Laidlaw
Investments Ltd. will be filing cases under the Canada Companies`
Creditors Arrangement Act (CCAA) in the Ontario Superior Court of
Justice in Toronto, Ontario later today.

None of the company`s operating units is included in the
filings; they are not affected by today`s actions and will
continue to carry on their businesses as usual.

Stephen Cooper, managing partner of Zolfo Cooper LLC, a New
York-based consulting firm specializing in restructurings and
reorganizations and Laidlaw`s vice chairman and chief
restructuring officer, said, "In light of Laidlaw Inc.`s
excessive leverage and the deterioration in value of certain of
its assets, our primary objective has been to minimize the impact
of the restructuring process on our operating companies - their
employees, customers and vendors. We believe achieving this
objective will maximize the value of the company for its
creditors and other parties in interest. Today`s filings
represent a significant step in achieving this objective as the
restructuring process will be contained at the holding companies
level.

"Significant progress in our restructuring efforts, which is
reflected in the Plan and Disclosure Statement, has been made in
resolving issues between our bank lenders and bondholders. We
will now concentrate our efforts to resolve other litigation and
alleged claims involving the filed companies through additional
processes available to us under chapter 11 and the CCAA.

"The restructuring plan as filed, among other matters, sets
forth our views on the reorganized company`s capital structure,
which anticipates that all of the equity in the reorganized
company will be distributed to the company`s creditors.
Unfortunately, as we have previously discussed and is often the
case with reorganizations, the value of the company`s assets
proved to be insufficient to support a recovery for the company`s
current shareholders, " Mr. Cooper continued.

Subject to receiving court approval and completing final
documentation, Laidlaw expects to enter into a $200 million
debtor-in-possession (DIP) financing facility with GE Capital.
The DIP financing would provide total borrowing availability of
$200 million, including a $100 million letter of credit sub-
facility. The company is today seeking, and expects to obtain,
interim authority to borrow up to $50 million under the facility,
subject to completion of definitive documentation.

Further, Greyhound Lines, Inc. and its direct subsidiaries,
which are not subject to the chapter 11 or CCAA filings, are
parties to a separate revolving credit facility which provides
total borrowing availability of up to $125 million. Current
availability under this facility is approximately $58 million.

It is anticipated that cash-on-hand today of approximately
$200 million and these financing sources -- the DIP and the
Greyhound facility -- will provide the operating companies with
sufficient capital to maintain their business-as-usual climate
during their parent company`s reorganization.

"We believe that our operating companies are generating more
than adequate cash flows to meet their working capital
requirements for the foreseeable future. They have been more
effectively managing cash and have continued to meet all their
obligations to their suppliers," said John R. Grainger, Laidlaw
Inc.`s president and chief executive officer.

"By filing chapter 11 and CCAA cases and obtaining the
additional financing provided by the $200 million DIP facility,
we will ensure that all our operating companies will be able to
maintain the normal high levels of service and safely deliver
service to their customers. As our operating companies are not
parties to these filings, our daily operations will continue as
usual while we complete a holding company-level restructuring
with our creditors. As reflected in our reorganization plan, we
intend to emerge from this process with a capital structure
appropriate for our long-term business plan," Mr. Grainger
continued.

Mr. Grainger emphasized that during the restructuring period
and beyond, employees will continue to be paid their wages and
health and welfare benefits without interruption and that no
layoffs are planned. The company`s businesses will continue
operations as usual and vendors will continue to be paid in the
normal course of business.

Each of Laidlaw Inc.`s operating units is the largest in its
sector: Laidlaw Education Services provides school bus services
in the U.S. and Canada; Greyhound Lines, Inc. provides intercity
bus transportation in Canada, the U.S. and Mexico; Laidlaw
Transit Services operates bus systems for public transit
authorities in the U.S. and Canada; American Medical Response,
Inc. (AMR) is the largest provider of ambulance services in the
United States; and EmCare Holdings, Inc. and its operating units
comprise the leading U.S. emergency department management
business.



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[00004] LAIDLAW DEBTORS` CHAPTER 11 DATABASE
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Lead Debtor: Laidlaw USA, Inc.
600 Six Flags Drive, Suite 300
Arlington, TX 76011

Debtor affiliates filing separate chapter 11 petitions:

Laidlaw Inc.
Laidlaw Investments Ltd.
Laidlaw International Finance Corporation
Laidlaw Transportation, Inc.
Laidlaw One, Inc.

Chapter 11 Petition Date: June 28, 2001

Court: United States Bankruptcy Court
Western District of New York
Olympic Towers
300 Pearl Street, Suite 250
Buffalo, NY 14202-2501
[phone]

Bankruptcy Case Nos.: 01-14099 through 01-14104, inclusive

Judge: The Honorable Michael J. Kaplan

Debtors` Lead Counsel: Richard M. Cieri, Esq.
Thomas C. Daniels, Esq.
Jones, Day, Reavis & Pogue
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
[phone]
Fax [phone]

and

Paul E. Harner, Esq.
Joseph M. Witalec, Esq.
Jones, Day, Reavis & Pogue
1900 Huntington Center
41 South High Street
Columbus, Ohio 43215
[phone]

Debtors` Local Counsel: Garry M. Graber, Esq.
Hodgson Russ LLP
One M&T Plaza, Suite 2000
Buffalo, NY 14203
[phone]



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[00005] LAIDLAW APPLICANTS` CCAA DATABASE
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Applicants: Laidlaw Inc.
Laidlaw Investments Ltd.

Court File No.: 01-CL-4178

Application Date: June 28, 2001

Court: Superior Court of Justice
Commercial List
393 University Avenue
Toronto, Ontario M5G 1E6

Judge: Mr. Justice James Farley

Applicants` Counsel: Jay A. Carfagnini, Esq.
Delia Rhea, Esq.
Goodmans LLP
250 Younge Street, Suite 2400
Toronto, Ontario M5B 2M6
[phone]
Fax [phone]



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[00006] LIST OF LAIDLAW`S 20 LARGEST UNSECURED CREDITORS
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Entity Nature Of Claim Claim Amount
------ --------------- ------------
US Bank Trust National Indenture Trustee $400,000,000
Association for 7.65%
Corporate Trust Services Debenture Dated
Attn: Manager, Bondholder 9/11/1997
Services Due 2006
180 East Fifth Street
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

US Bank Trust National Indenture Trustee $225,000,000
Association for 6.65%
Corporate Trust Services Debenture, Dated
Attn: Manager, Bondholder 9/11/1997
Services Due 2004
180 East Fifth Street
Saint Paul, Minnesota, 55101
Tel: [phone]
Fax: [phone]

Canadian Imperial Bank of Lender Under $205,096,620
Commerce Syndicated
Attn: managing Director bank Facility
Commerce Court West,
7th Floor
Toronto, Ontario M5L 1A2
Tel: [phone]
Fax: [phone]

US Bank Trust National Indenture Trustee $200,000,000
Association for 6.50%
Corporate Trust Services Debenture, Dated
Attn: Manager, Bondholder 9/11/1997
Services Due 2005
180 East Fifth Street
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

US Bank Trust National Indenture Trustee $200,000,000
Corporate Trust Services for 7.70 %
Attn: Manager, Bondholder Debenture, Dated
Services 7/22/1992
180 East Fifth Street Due 2002
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

US Bank Trust National Indenture Trustee $200,000,000
Corporate Trust Services for 6.72%
Attn: Manager, Bondholder Debenture, Dated
Services 9/11/1997
180 East Fifth Street Due 2027
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

Toronto Dominion (Texas) Lender Under $182,487,437
Inc. Syndicated Bank
Attn: Vice President Facility
31 West 52nd Street
New York, NY 10019
Tel: [phone]
Fax: ([phone]

US Bank Trust National Indenture Trustee $150,000,000
Corporate Trust Services for 7.875%
Attn: Manager, Bondholder Debenture, Dated
Services 7/22/1992
180 East Fifth Street Due 2005
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

US Bank Trust National Indenture Trustee $150,000,000
Corporate Trust Services for 8.75%
Attn: Manager, Bondholder Debenture, Dated
Services 7/22/1992
180 East Fifth Street Due 2025
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

Royal Bank of Canada Lender Under $149,936,550
Attn: Senior Account Manager Syndicated
Royal Bank Plaza Bank Facility
200 Bay Street
13th Floor, South Tower
Toronto, Ontario
Canada M5J 2J5
Tel: [phone]
Fax: [phone]

Bank of America Canada Lender Under $146,727,473
Attn: Senior Credit Syndicated
200 Front Street West, Bank Facility
Suite 2700
Toronto, Ontario
Canada M5V 3L2
Tel: [phone]
Fax: [phone]

Bank of Montreal Lender Under $118,838,345
Attn: Vice President Syndicated
1 First Canadian Place Bank Facility
24th Floor
Toronto, Ontario
Canada, M5X 1A1
Tel: [phone]
Fax: [phone]

US Bank Trust National Indenture Trustee $100,000,000
Association for 8.25%
Corporate Trust Services Debenture, Dated
Attn: Manager, Bondholder 7/22/1992
Services Due 2023
180 East Fifth Street
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

US Bank Trust National Indenture Trustee $100,000,000
Association for 7.05%
Corporate Trust Services Debenture, Dated
Attn: Manager, Bondholder 7/22/1992
Services Due 2003
180 East Fifth Street
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

US Bank Trust National Indenture Trustee $100,000,000
Association for 6.07%
Corporate Trust Services Debenture, Dated
Attn: Manager, Bondholder 9/11/1997
Services Due 2008
180 East Fifth Street
Saint Paul, Minnesota 55101
Tel: [phone]
Fax: [phone]

Bank One Capital Markets, Lender Under $94,847,993
Inc. Syndicated
Attn: Vice President Bank Facility
1 Bank One Plaza, 10th Floor
Chicago, IL 60670-0324
Tel: [phone]
Fax: [phone]

Bear Stearns & Co. Lender under $93,971,256
Attn: Managing Director Syndicated
245 Park Ave., 4th Floor Bank Facility
New York, NY 10010
Tel: [phone]
Fax: [phone]

Bank of America, N.A. (NC) Lender Under $77,449,505
Attn: Managing Director Syndicated
1850 Gateway Blvd., Bank Facility
5th Floor
Concord, CA 94520
Tel: [phone]
Fax: [phone]

Bank of Nova Scotia Lender Under $73,087,495
Attn: Managing Director Syndicated
Scotia Plaza Bank Facility
40 King Street West
29th Floor
Toronto, Ontario
Canada M5H 1H1

Montreal Trust Company Indenture Trustee $67,540,000
of Canada for 10.95%
c/o Computershare Investor Debenture,
Services, Inc. Series A, Dated
Attn: Manager, Corporate 4/16/1991,
Trust Due 2001
100 University Avenue
11th Floor
Toronto, Ontario M5J 2Y1
Tel: [phone]
Fax: [phone]



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[00007] DEBTORS` MOTION FOR JOINT ADMINISTRATION OF U.S. CASES
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The Debtors ask, pursuant to Rule 1015(b)(4) of the Federal Rules
of Bankruptcy Procedure, that the U.S. Bankruptcy Court order
their chapter 11 cases be jointly administered. Administration
of one bankruptcy case on the Court`s dockets, Garry M. Graber,
Esq., at Hodgson Russ LLP explains, will reduce costs and
facilitate a more efficient administrative process, unencumbered
by the procedural problems otherwise attendant to the
administration of multiple chapter 11 cases.

At the First Day Hearing, Judge Kaplan directed that the
U.S. Debtors` chapter 11 cases be consolidated, solely for
administrative purposes, and that all pleadings and papers be
captioned:

UNITED STATES BANKRUPTCY COURT
WESTERN DISTRICT OF NEW YORK

In re: :
: Jointly Administered
LAIDLAW USA, INC., : Case No. 01-14099
A New York corporation, et al., :
: Chapter 11
Debtors. : Case No. 01-2094

Further, Judge Kaplan makes it clear that his Order neither
contemplates a substantive consolidation of the Debtors` estates
nor prejudices the right of any party-in-interest to seek a
substantive consolidation of the Debtors` estates.



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[00008] APPLICANTS` MOTION TO PAY PREPETITION EMPLOYEE CLAIMS
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The Canadian Applicants sought and obtained authority at a First
Day Hearing, in accordance with the Company`s stated policies, as
such policies may be modified from time to time, and in their
sole discretion, to pay:

$30,472 for wages, salaries and contractual compensation;
55,031 for earned and accrued vacation pay;
8,200 for reimbursements of employee business expenses;
7,394 for withheld retirement savings deposits; and
964 for miscellaneous employee payroll deductions.

The Applicants currently employ approximately 50 workers in
Canada.

"The continued and uninterrupted service of these Employees is
essential to the Applicants` continuing operations and to their
ability to reorganize," Jay A. Carfagnini, Esq., from Goodmans
LLP. told Mr. Justice Farley at the First Day Hearing. Mr.
Carfagnini explains that Laidlaw filed for chapter 11 protection
in the midst of a regular payroll period. Payroll checks need to
be issued this week. Telling employees to file proofs of claim
is not something for which Laidlaw management is prepared and
management is convinced that the Company`s failure to honor the
first postpetition payroll would destroy employee morale.

Persuaded by these arguments, Mr. Justice Farley granted Laidlaw
authority to honor these obligations.



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[00009] DEBTORS` MOTION TO PAY PREPETITION EMPLOYEE OBLIGATIONS
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The U.S. Debtors sought and obtained authority from Judge Kaplan
to honor and pay all prepetition employee-related claims in
accordance with the Company`s stated policies, as such policies
may be modified from time to time, and in their sole discretion.
Judge Kaplan makes it clear that nothing in the Debtors` Motion
or his Order shall be construed as an assumption of any executory
contract pursuant to 11 U.S.C. Sec. 365.



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[00010] OVERVIEW OF LAIDLAW`S CHAPTER 11 PLAN OF REORGANIZATION
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Laidlaw`s financial rehabilitation under a chapter 11 plan of
reorganization is premised on a threshold series of Restructuring
Transactions:

* Laidlaw Inc. ("LINC") will cause Laidlaw Investments Ltd.
("LIL") to become a direct, wholly owned subsidiary of
LINC.

* LIL will acquire from LINC, in exchange for a combination
of Cash, New Notes and common stock of LIL all of LINC`s
assets (other than its stock in LIL), including all of the
equity and debt of LINC`s Canadian and non-U.S. operations,
Greyhound Canada Transportation Corp. and Laidlaw Transit
Ltd.

* LIL will continue as a Delaware corporation, and LIL will
become New LINC.

When Laidlaw`s officers are finished inking the corporate
paperwork, the Plan calls for:

* All of LIL`s outstanding shares will be converted into
shares of New Common Stock.

* LINC will transfer a combination of Cash, New Notes and New
Common Stock that LINC received from LIL in the
Restructuring Transactions to the existing creditors of
LINC in full satisfaction and discharge of all claims,
liabilities and debts against LINC.

* Each holder`s recovery will be received first in
exchange for the principal amount of the holder`s Allowed
Claim, not the unpaid pre-Effective Date interest (if any)
on such Allowed Claim.

* The bank debt of Laidlaw Transportation, Inc. and Laidlaw
One, Inc. will be satisfied and discharged on the
Effective Date pursuant to Section III.C.1 of the Plan.

* The outstanding stock of LINC and rights to acquire such
stock will be canceled for no consideration.

When these transactions are complete, the ultimate parent company
in the corporate structure will be New LINC, the Delaware
corporation.

The consummation of these transactions results in the elimination
of approximately $2,800,000,000 of indebtedness and wipes-out all
existing equity interests.

While New LINC will continue to be substantially leveraged
following the Effective Date of the Plan, Laidlaw management
believes it has a Business Plan that will enable New LINC`s
operations to increase revenues, reduce operating costs and
enhance cash flow.

Reorganized Laidlaw`s three-legged Business Plan calls for:

(A) Revenue increasing initiatives are expected to include:

* price increases through renegotiation of contracts
scheduled for renewal in the education services
operations and the public transit portion of the inter-
city, transit & tour business;

* expansion of non-traditional, non-vehicle-intensive
services offered by the education services business;

* more emphasis on travel services and package express
initiatives by Greyhound, in addition to continued growth
of Greyhound`s core businesses; and

* improvements designed to enhance collection rates in the
ambulance services portion of the healthcare businesses.

(B) Operating cost reduction initiatives are expected to include:

* termination and non-renewal of education services contracts
that do not meet target return criteria;

* information systems-driven improvements to operations; and

* administrative efficiency in all operations.

(C) Cash flow improvements are expected to result from improved
profitability, as well as more efficient use of capital
assets due to the increased focus on services in education
and inter-city, transit & tour that do not require additional
vehicles.

Laidlaw cautions that New LINC`s business is capital intensive,
and the Projections anticipate that New LINC will make
significant capital expenditures after the Effective Date to
implement the Reorganized Debtors` business plan. For example,
capital expenditures in fiscal 2002-2003 are expected to be
higher than historical levels as a result of projected
replacements of a disproportionate number of older vehicles used
in the education services business that were acquired in
previously consummated acquisitions. However, management
believes that, assuming consummation of the Plan in accordance
with its terms and achievement of the Reorganized Debtors`
business plan, New LINC will have sufficient liquidity through at
least [2004] to service the post-reorganization indebtedness and
conduct of its business as contemplated by the Reorganized
Debtors` business plan. New LINC plans to have access to a new
senior secured revolving Exit Financing Facility, consisting of a
$350,000,000 revolving credit facility with a $150,000,000 letter
of credit sub-facility, to fund its working capital needs,
including those needs created by seasonal operating fluctuations.

Dresdner Kleinwort Wasserstein, Laidlaw`s financial advisors,
estimate the reorganization enterprise value of New LINC to fall
between $2,700,000,000 and $3,400,000,000 as of [December 31,
2001]. Based on a review of DrKW`s analysis, Laidlaw assumes
that New LINC`s estimated reorganization enterprise value is
$3,000,000,000, the approximate mid-point of the reorganization
enterprise value range estimated by DrKW. In consultation with
DrKW and its other advisors, after giving effect to the Debtors`
operating businesses and the proposed debt restructuring, the
Debtors estimate total debt at the Effective Date to be
approximately $1,320,000,000, consisting of:

$425,000,000 of senior secured term indebtedness to be
incurred in connection with the Exit Financing
Facility, assuming the Debtors distribute
$75,000,000 in Excess Cash at the Effective
Date and reduce the senior secured term
indebtedness by a corresponding amount, and
subject to increase if distributions of Excess
Cash are less than $75,000,000 or if all or
part of the corresponding debt reduction is
allocated to the New Notes;

$64,700,000 in senior revolving credit facility borrowings
to be incurred in connection with the Exit
Financing Facility;

$450,000,000 aggregate principal amount of New Notes,
subject to reduction in connection with
distributions of Excess Cash, issued to holders
Unsecured Bank Debt Claims, Prepetition
Noteholder Claims and General Unsecured Claims.

$383,500,000 in existing indebtedness of New LINC`s
operating subsidiaries.

Laidlaw estimates the reorganization equity value to be
$1,680,000,000 billion as of an assumed Effective Date of
[December 31, 2001], after giving effect to the Debtors`
operating businesses, the expected present value of certain non-
operating assets and the debt balances resulting from the
proposed restructuring at and beyond the Effective Date.


*** End of Issue No. 1 ***

-------------------------------------------------------------------------
Peter A. Chapman [e-mail] http://bankrupt.com
-------------------------------------------------------------------------
Recommended Reading: "The Tumultuous History of the Bank of America,"
by Moira Johnston.


Ich hoffe ich konnte Euch weiterhelfen.Wäre dankbar mal eine Meinung zu diesem Unternehmen zu lesen.

[Tornado 34]

So das wars.Ich werde nun nix mehr zu LL schreiben oder veröffentlichen.
Warscheinlich bin ich der Einzigste.Aber egal.
Da keiner Interesse zeigt behalte ich meine Infos für mich.
Good Bye...Vielleicht bis in 2 Jahren auf diesem Board.
Ob es da noch LL gibt?

So long und Viel Erfolg

[GedeckterCall]

hi tornado,

wie ich schon im august sagte verkaufen und verluste realisieren.

könntest du deine ausführungen vielleicht gekürzt mal in deutsch aufführen.

und lola 35 wo bist du......
mich angreifen weil ich es prophezeite und jetzt nicht mehr melden????????

wo ist nun deine super firma???????? die auch mich überdauert??????

naja nur ein kleiner trost (pusher), der verlust (da ich auch investiert war) ist größer.

torando, bitte um übersetztung oder schick mal eine re in kurz- danke

gedeckter call
*weilwiemansiehtessinnmacht*

[Tornado 34]

UND wieder eine....
BURLINGTON, Ontario, Jan. 09, 2002 (die kanadische Presse über COMTEX) -- Laidlaw Inc. hat eine Vereinbarung prinzipiell verkündet, einen Sicherheit-Betruggruppenklageprozeß für gerades über $55 Million US zu vereinbaren. Durch Nordamerikas sagte größte Busdaß firma, Mittwoch, der, wenn die Regelung VEREINIGTE STAATEN und kanadische Gerichte genehmigt wird, die Zivilklägerobligationäre zahlende $42,875 Million US ist und der Bankrottzustand der Vorreorganisation Laidlaw $12,5 Million US empfängt.

Die Gruppenklage durch Obligationäre, die Sicherheiten Laidlaw zwischen September 1997 und März 2000 kauften, behauptete die Firma verbrittenen falschen und irreführenden Bilanzen und die Nachrichtenfreigaben.

Laidlaw, zusammen mit seine Leitprogramme und die Versicherer, die im Prozeß benannt werden, fahren fort, jede mögliche Verbindlichkeit zu verweigern.

Unter der vorgeschlagenen Regelung lassen die Gruppenklagezivilkläger alle Ansprüche gegen Laidlaw (TSE:LDM) fallen, das die Intercity- Buszeile Greyhound besitzt und große Schule-Bus- und Städtischdurchfahrtoperationen hat.

Die Firma brach ab, nachdem sie schwer in Schuld eingestiegen war, amerikanische Krankenwagen- und Krankenhaus-Dringlichkeit-Raummanagementoperationen zu erwerben

[Tornado 34]

Hat jemand gestern gesehen was mit sklnq passiert ist...hi hi
hier mal der Link:
Wer sich auskennt der weis das Saefty kleen zu 44% Laid Law gehört.
Es verdichten sich immer ehr positive Anzeichen das LL den Return schafft.
http://old.edgarpro.com/edgar_conv_html/2002/01/14/000070185…

Saefty kleen gestern 80%im plus (high)

Es wird schon.
Bye Bye

[Lola36]

Hi gedeckter call,

was schreist Du so ,Lola ist voll investiert.

[Tornado 34]

Also langsam reicht es mir auch....grrrrrrrrrr......
Verarschen die uns ALLE? Was soll der Scheiß mit der Verschiebung der Zahlen.Immer dasselbe mit LL.
2000 war es nicht besser....
Na ja wenigstens eine Aussage.::::


Thursday January 17, 7:36 pm Eastern Time
Laidlaw says last year`s results will be delayed
(UPDATE: figures in U.S. dollars)

BURLINGTON, Ontario, Jan 17 (Reuters) - Laidlaw Inc (Toronto:LDM.TO - news), operator of the Greyhound intercity bus system, warned on Thursday it will not meet a deadline for reporting last year`s results as it works out a settlement with bondholders.

The company, operating under court protection from creditors, said the settlement reached last week should allow it to hire auditors and complete work on its results for the fiscal year ended August 31, 2002.

Laidlaw said it expect to report the results by the end of April.

Laidlaw sought court protection in the United States and Canada in June 2001 under the weight a $4.6 billion debt brought on by an aggressive expansion campaign, including an ill-fated attempt to enter the waste management business.

Bin mal gespannt wann wir untergehen...hi hi
FUCK FUCK FUCK

[Tornado 34]

Einige von Euch hatten mich per e-mail gebeten mal was zu LL zu schreiben.:
OK--Es gibt Neuigkeiten..aber leider keine positiven.
Die neueste Mledung:
LAIDLAW INC - Delinquent Filer

Toronto, Ontario, Feb 19, 2002 (Market News Publishing via COMTEX) -- OSC Delinquent Filer Notice
for February 19, 2002

The Company is delinquent in its Annual Financial Statements Ontario securites law requires that Annual Financial Statements be filed within 140 days of the fiscal year end.

This issuer has not filed an AIF within 140 days of the fiscal year end, as required by OSC Rule 51-501.



CONTACT: Tel: [phone] Ontario Securities Commission

Heisst soviel wie:Straffällig wegen nichtveröffentlichung des Jahresabschlussberichtes 2001.Alles weitere kann man sich ja denken.

2.Möchte ich gerne darauf Aufmerksam machen das in den letzten News (s.unten) der Hinweis war das eine Handelsaussetzung der LDM TSE erfolgen kann wenn LL nicht bis Mitte März 02 spätestens die Zahlen liefert.
Kurs geht seit wochen bergab.Aktuell BID 0,12 Ask o,13
Größere Volumen nach unten.
LL hatte bekanntgegeben bis spätestens Ende April die Zahlen zu liefern.
Alles in Allem nicht so positiv.
Aber muss jeder für sich entscheiden.

Ich im Moment bin am abbauen da es mir echt zu heiss wird.
Kaufen kann man immer aber verkaufen?????????Insolvenz????
Wenn der Kurs einmal ausgesetzt ist wird er dann wieder aufgenommen??????Oder gleich Chapter 7 was den Säcken der Firma gerade recht wäre da das Unternehmen nix mehr laut Börsenkurs wert ist.

Hier noch der Auszug und ansonsten Viel...Vieeeellll Glück.
Bis dann
mfg
(Dies ist keine Verkaufs oder Kaufempfehlung sondern nur eine Meinung)
Heutzutage muss man ja aufpassen was man schreibt.

17 Jan. 2002

Due to the late filing of the financial statements, Laidlaw`s securities may be subject to a cease trade order affecting certain members of management and insiders of Laidlaw. However, if Laidlaw fails to file its financial statements by March 18, 2002, a cease trade order may be issued affecting all of Laidlaw`s securities.


Good Luck

[Tornado 34]

BAD NEWS....
auch das noch...
Bus drivers to vote on contract

LOS ANGELES, Apr 14, 2002 (United Press International via COMTEX) -- More than 800 striking Los Angeles school bus drivers will vote Monday on a proposed contract worked out during a negotiation session this weekend, the Los Angeles Daily News reported Sunday.
If approved, striking Laidlaw Inc. drivers would leave the picket lines after two weeks and get behind the wheel as early as Tuesday morning.

"Our negotiating team voted overwhelmingly to take this revised proposal back to the members and recommend its passage," Don Owens, spokesman for Teamsters Local 572 representing the drivers, told the Daily News.

Laidlaw spokesman Jim Ferraro could not be reached Sunday.

Laidlaw drivers were scheduled to meet Monday at 9 a.m. to discuss the new proposal and cast their vote, the newspaper said.

Laidlaw is the largest outside bus company to contract with the Los Angeles Unified School District. Its drivers are responsible for more than 700 routes and 18,000 bus-riding students.

The strike began April 2, causing field trips to be postponed, and until last Friday all athletic events were cancelled.

The union was seeking a 5 percent raise for each of the next three years. Striking bus drivers earn between $8.50 and $12 an hour.

Owens told the newspaper the contract proposal includes a modest wage increase, better health care coverage and restoration of the pension benefits which Laidlaw originally intended to eliminate.