Ecol partners to acquire american ecology stock
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American Ecology Corp., an Agoura Hills waste management concern, said Ecol Partners Ltd. has agreed to exchange $12 million of the $22.5 million in American Ecology’s long-term debt it now
holds for 800,000 shares of American Ecology common stock. Ecol Partners is controlled by Harry J. Phillips Jr., a Houston investor who acquired Browning-Ferris Industries Inc.’s 52% stake
in American Ecology last month for $16.6 million. American Ecology also said it has agreed to extend Ecol Partners’ warrant to purchase 1.5 million American Ecology shares for a year beyond
the Aug. 11, 1992, expiration date, but the price at which the warrants may be exercised will increase from $15 to $17.50 per share during that year. MORE TO READ