[Federal Register Volume 69, Number 52 (Wednesday, March 17, 2004)]
[Notices]
[Page 12718]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-5987]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[File No. 22-28730]


Application and Opportunity for Hearing: Covanta Energy 
Corporation

March 11, 2004.
    The Securities and Exchange Commission gives notice that Covanta 
Energy Corporation has filed an application under Section 304(d) of the 
Trust Indenture Act of 1939. Covanta Energy asks the Commission to 
exempt from the certificate or opinion delivery requirements of Section 
314(d) of the 1939 Act certain provisions of an indenture between 
Covanta Energy, certain guarantors and U.S. Bank National Association, 
as trustee. The indenture relates to 8.25% Senior Secured Notes due 
2011.
    Section 304(d) of the 1939 Act, in part, authorizes the Commission 
to exempt conditionally or unconditionally any indenture from one or 
more provisions of the 1939 Act. The Commission may provide an 
exemption under Section 304(d) if it finds that the exemption is 
necessary or appropriate in the public interest and consistent with the 
protection of investors and the purposes fairly intended by the 1939 
Act.
    Section 314(d) requires the obligor to furnish to the indenture 
trustee certificates or opinions of fair value from an engineer, 
appraiser or other expert upon any release of collateral from the lien 
of the indenture. The engineer, appraiser or other expert must opine 
that the proposed release will not impair the security under the 
indenture in contravention of the provisions of the indenture. The 
application requests an exemption from Section 314(d) for specified 
dispositions of collateral that are made in Covanta Energy's and the 
guarantors' ordinary course of business.
    In its application, Covanta Energy alleges that:
    1. The indenture permits Covanta Energy and the guarantors to 
dispose of collateral in the ordinary course of their business;
    2. Covanta Energy and the guarantors will deliver to the trustee 
annual consolidated financial statements audited by certified 
independent accounts; and
    3. Covanta Energy and the guarantors will deliver to the trustee a 
semi-annual certificate stating that all dispositions of collateral 
during the relevant six-month period occurred in Covanta Energy's and 
the guarantors' ordinary course of business and that all of the 
proceeds were used as permitted by the indenture.
    Any interested persons should look to the application for a more 
detailed statement of the asserted matters of fact and law. The 
application is on file in the Commission's Public Reference Section, 
File Number 22-28730, 450 Fifth Street, NW., Washington, DC 20549.
    The Commission also gives notice that any interested persons may 
request, in writing, that a hearing be held on this matter. Interested 
persons must submit those requests to the Commission no later than 
April 12, 2004. Interested persons must include the following in their 
request for a hearing on this matter:

--The nature of that person's interest;
--The reasons for the request; and
--The issues of law or fact raised by the application that the 
interested person desires to refute or request a hearing on.

    The interested person should address this request for a hearing to: 
Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 
Fifth Street, NW., Washington, DC 20549-0609. At any time after April 
12, 2004, the Commission may issue an order granting the application, 
unless the Commission orders a hearing.

    For the Commission, by the Division of Corporation Finance, 
pursuant to delegated authority.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 04-5987 Filed 3-16-04; 8:45 am]
BILLING CODE 8010-01-M