ENVIRONMENT
From Times Staff and Wire Reports
Chambers Development to Avoid Default: The nation’s fourth-largest waste management company agreed to pledge stock and property in reaching agreements with three creditor groups to avoid defaulting on $374 million in credit. The Pittsburg-based company also agreed to pay 1% more in interest for the unsecured letters of credit and notes. The company’s slide began in March, when it said it had been accounting for the high cost of developing landfills as capital rather than as expenses, as other waste management companies do.
