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Covanta Energy Corp. seeks further bank waivers


FAIRFIELD, N.J., March 11, 2002 — Covanta Energy Corp. today announced that it has requested further waivers to its Master Credit Facility by March 15, 2002, with respect to the bank fees coming due this week and other matters.

Discussions with the company’s senior secured bank group with respect to these waivers are ongoing, although there can be no assurance that an agreement will be obtained.

As previously announced, the company is pursuing a restructuring of its balance sheet as part of its comprehensive review of strategic options.

Covanta Energy Corp. is an internationally recognized designer, developer, owner and operator of power generation projects and provider of related infrastructure services. The company’s independent power business develops, structures, owns, operates and maintains projects that generate power for sale to utilities and industrial users worldwide.

Its waste-to-energy facilities convert municipal solid waste into energy for numerous communities, predominantly in the United States.

The company also offers single-source design/build/operate capabilities for water and wastewater treatment infrastructures. Additional information about Covanta can be obtained via the Internet at www.covantaenergy.com, or through the company’s automated information system at 866-COVANTA (268-2682).