Evergreen Oil Names Clean Harbors As Stalking Horse

Law360, New York (June 21, 2013, 6:27 PM EDT) -- Bankrupt waste oil collector Evergreen Oil Inc. on Wednesday selected Clean Harbors Inc. as the stalking horse bidder for nearly all of its assets after the company came forward with an offer that includes $60 million in cash.

Evergreen says the cash and other consideration, which includes an estimated $4.5 million for its trade receivables, offered by Clean Harbors will be used to pay the company’s creditors under its Chapter 11 reorganization plan, which it also filed Wednesday.

The stock purchase agreement with Clean Harbors has...
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