SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                 SCHEDULE 13G *
                                 (Rule 13d-1(c))


             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
                              PURSUANT TO 13d-2(b)

                           COVANTA HOLDING CORPORATION
                                (Name of Issuer)

                       Common Stock, $.10 value per share
                         (Title of Class of Securities)

                                    22282E102
                                 (CUSIP Number)

                                 August 14, 2007
             (Date of event which requires filing of this statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
     [ ]  Rule 13d-1(b)
     [X]  Rule 13d-1(c)
     [ ]  Rule 13d-1(d)





                              (Page 1 of 13 Pages)
----------------
     *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).





CUSIP No. 22282E102                13G                       Page 2 of 13 Pages

--------------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSON (ENTITIES ONLY)
                                           Blue Ridge Limited Partnership
                                           13-3891223
--------------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [ ]
                                                                  (b)  [X]
--------------------------------------------------------------------------------
     (3)    SEC USE ONLY
--------------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            New York
--------------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         -----------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                             4,829,900
OWNED BY       -----------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      -----------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                             4,829,900
--------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                             4,829,900
--------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                      [ ]
--------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                               3.14%
--------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                               PN
--------------------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!





CUSIP No. 22282E102               13G                        Page 3 of 13 Pages

--------------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                               Blue Ridge Offshore Master Limited Partnership
                               98-0412446
--------------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [ ]
                                                                  (b)  [X]
--------------------------------------------------------------------------------
     (3)    SEC USE ONLY
--------------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            Cayman Islands, BWI
--------------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         -----------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                             3,215,400
OWNED BY       -----------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      -----------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                             3,215,400
--------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                             3,215,400
--------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                      [ ]
--------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                               2.09%
--------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                               PN
--------------------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!





CUSIP No. 22282E102               13G                        Page 4 of 13 Pages

--------------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                                              Blue Ridge Capital Holdings LLC
                                              13-3879585
--------------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [ ]
                                                                  (b)  [X]
--------------------------------------------------------------------------------
     (3)    SEC USE ONLY
--------------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            New York
--------------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         -----------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                             4,829,900
OWNED BY       -----------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      -----------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                             4,829,900
--------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                             4,829,900
--------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                      [ ]
--------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                               3.14%
--------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                               OO
--------------------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!





CUSIP No. 22282E102               13G                        Page 5 of 13 Pages

--------------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                                     Blue Ridge Capital Offshore Holdings LLC
                                     52-2415816
--------------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [ ]
                                                                  (b)  [X]
--------------------------------------------------------------------------------
     (3)    SEC USE ONLY
--------------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            New York
--------------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         -----------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                             3,215,400
OWNED BY       -----------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      -----------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                             3,215,400
--------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                             3,215,400
--------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                      [ ]
--------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                               2.09%
--------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                               OO
--------------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!





CUSIP No. 22282E102                13G                       Page 6 of 13 Pages

--------------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                                                    John A. Griffin
                                                    Not Applicable
--------------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [ ]
                                                                  (b)  [X]
--------------------------------------------------------------------------------
     (3)    SEC USE ONLY
--------------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            United States
--------------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         -----------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                             8,045,300
OWNED BY       -----------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      -----------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                             8,045,300
--------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                             8,045,300
--------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                      [ ]
--------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                               5.23%
--------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                               IN
--------------------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!





CUSIP No. 22282E102               13G                        Page 7 of 13 Pages

Item 1(a).     Name of Issuer:

     The name of the issuer is Covanta Holding Corporation (the "Company").

Item 1(b).     Address of Issuer's Principal Executive Offices:

     The Company's principal executive offices are located at 40 Lane Road,
Fairfield, NJ 07004.

Item 2(a).     Name of Person Filing:

     This statement is filed by:

          (i)  Blue Ridge Limited Partnership, a New York limited partnership
               ("BRLP"), with respect to the shares of Common Stock directly
               owned by it;

         (ii)  Blue Ridge Capital Holdings LLC, a New York limited
               liability company ("BRCH"), with respect to the shares of
               Common Stock directly owned by BRLP;

        (iii)  Blue Ridge Offshore Master Limited Partnership, a Cayman Islands
               exempted limited partnership ("BROMLP"), with respect to the
               shares of Common Stock directly owned by it;

         (iv)  Blue Ridge Capital Offshore Holdings LLC, a New York limited
               liability company ("BRCOH"), with respect to the shares of
               Common Stock directly owned by BROMLP; and

          (v)  John A. Griffin with respect to the shares of Common Stock
               directly owned by BRLP and BROMLP.

               The foregoing persons are hereinafter sometimes collectively
referred to as the "Reporting Persons." Any disclosures herein with respect to
persons other than the Reporting Persons are made on information and belief
after making inquiry to the appropriate party.

Item 2(b).     Address of Principal Business Office or, if None, Residence:

     The address of the business office of each of Mr. Griffin, BRLP, BRCH and
BRCOH is 660 Madison Avenue, 20th Floor, New York, NY 10021. The address of the
business office of BROMLP is P.O. Box 309GT, Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands.

      (c).     Citizenship:

     BRLP is a limited partnership organized under the laws of the State of New
York. BRCH is a limited liability company organized under the laws of the State
of New York. BROMLP is an exempted limited partnership organized under the laws
of the Cayman Islands. BRCOH is a limited liability company organized under the
laws of New York. Mr. Griffin is a United States citizen.





CUSIP No. 22282E102               13G                        Page 8 of 13 Pages

      (d).     Title of Class of Securities:

     Common Stock, $.10 value per share (the "Common Stock")

      (e).     CUSIP Number:

      22282E102

Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:

          (a) [ ] Broker or dealer registered under Section 15 of the Act,

          (b) [ ] Bank as defined in Section 3(a)(6) of the Act,

          (c) [ ] Insurance Company as defined in Section 3(a)(19) of
                  the Act,

          (d) [ ] Investment Company registered under Section 8 of the
                  Investment Company Act of 1940,

          (e) [ ] Investment Adviser in accordance with Rule
                  13d-1(b)(1)(ii)(E),

          (f) [ ] Employee Benefit Plan or Endowment Fund in accordance
                  with 13d-1(b)(1)(ii)(F),

          (g) [ ] Parent Holding Company or control person in accordance
                  with Rule 13d-1(b)(1)(ii)(G),

          (h) [ ] Savings Association as defined in Section 3(b) of the
                  Federal Deposit Insurance Act,

          (i) [ ] Church Plan that is excluded from the definition of an
                  investment company under Section 3(c)(14) of the
                  Investment Company Act of 1940,

          (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

Not applicable.

Item 4.   Ownership.

The percentages used in Item 4 are calculated based upon the 153,825,304 shares
of Common Stock, as reflected in the Company's Form 10-Q, dated July 25, 2007.





CUSIP No. 22282E102                 13G                      Page 9 of 13 Pages

     A. BRLP
          (a) Amount beneficially owned: 4,829,900
          (b) Percent of class: 3.14%
          (c)(i) Sole power to vote or direct the vote: -0-
            (ii) Shared power to vote or direct the vote: 4,829,900
           (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 4,829,900

     B. BROMLP
          (a) Amount beneficially owned: 3,215,400
          (b) Percent of class: 2.09%
          (c)(i) Sole power to vote or direct the vote: -0-
            (ii) Shared power to vote or direct the vote: 3,215,400
           (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 3,215,400

     C. BRCH
          (a) Amount beneficially owned: 4,829,900
          (b) Percent of class: 3.14%
          (c)(i) Sole power to vote or direct the vote: -0-
            (ii) Shared power to vote or direct the vote: 4,829,900
           (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 4,829,900

     D. BRCOH
          (a) Amount beneficially owned: 3,215,400
          (b) Percent of class: 2.09%
          (c)(i) Sole power to vote or direct the vote: -0-
            (ii) Shared power to vote or direct the vote: 3,215,400
           (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 3,215,400

     E. John A. Griffin
          (a) Amount beneficially owned: 8,045,300
          (b) Percent of class: 5.23%
          (c)(i) Sole power to vote or direct the vote: -0-
            (ii) Shared power to vote or direct the vote: 8,045,300
           (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 8,045,300

Item 5.     Ownership of Five Percent or Less of a Class.

     Not applicable.





CUSIP No. 22282E102                 13G                      Page 10 of 13 Pages

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

     BRCH, the general partner of BRLP, has the power to direct the affairs of
BRLP, including decisions respecting the receipt of dividends from and the
proceeds from the sale of Common Stock. BRCOH, the general partner of BROMLP,
has the power to direct the affairs of BROMLP, including decisions respecting
the receipt of dividends from and the proceeds from the sale of Common Stock.
Mr. Griffin is the Managing Member of BRCH and BRCOH, and in that capacity
directs their operations.

Item 7.     Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.

     Not applicable.

Item 8.  Identification and Classification of Members of the Group.

     Not applicable.

Item 9.  Notice of Dissolution of Group.

     Not applicable.

Item 10.  Certification.

     Each of the Reporting Persons hereby makes the following certification:

          By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.





CUSIP No. 22282E102                 13G                      Page 11 of 13 Pages

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.


DATED:  August 23, 2007

                              BLUE RIDGE LIMITED PARTNERSHIP

                              By: Blue Ridge Capital Holdings LLC, as
                                  General Partner


                                  By: /s/  John A. Griffin
                                      --------------------
                                      Name:   John A. Griffin
                                      Title:  Managing Member


                              BLUE RIDGE OFFSHORE MASTER LIMITED PARTNERSHIP

                              By: Blue Ridge Capital Offshore Holdings LLC,
                                  as General Partner


                                  By: /s/  John A. Griffin
                                      --------------------
                                      Name:   John A. Griffin
                                      Title:  Managing Member


                              BLUE RIDGE CAPITAL HOLDINGS LLC


                              By: /s/  John A. Griffin
                                  --------------------
                                  Name:   John A. Griffin
                                  Title:  Managing Member


                              BLUE RIDGE CAPITAL OFFSHORE HOLDINGS LLC


                              By: /s/  John A. Griffin
                                  --------------------
                                  Name:   John A. Griffin
                                  Title:  Managing Member


                              JOHN A. GRIFFIN


                              /s/  John A. Griffin
                              --------------------





CUSIP No. 22282E102                 13G                      Page 12 of 13 Pages


                                    EXHIBIT 1

                           JOINT ACQUISITION STATEMENT
                           PURSUANT TO RULE 13D-1(k)1


The undersigned acknowledge and agree that the foregoing statement on Schedule
13G is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13G shall be filed on behalf of each of
the undersigned without the necessity of filing additional joint acquisition
statements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments and for the completeness and accuracy of the
information concerning him or it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that he or it knows or has reason to believe that such
information is inaccurate.


Dated:  August 23, 2007


                              BLUE RIDGE LIMITED PARTNERSHIP

                              By: Blue Ridge Capital Holdings LLC, as
                                  General Partner


                                  By: /s/  John A. Griffin
                                      --------------------
                                      Name:   John A. Griffin
                                      Title:  Managing Member


                              BLUE RIDGE OFFSHORE MASTER LIMITED PARTNERSHIP

                              By: Blue Ridge Capital Offshore Holdings LLC,
                                  as General Partner


                                  By: /s/  John A. Griffin
                                      --------------------
                                      Name:   John A. Griffin
                                      Title:  Managing Member


                              BLUE RIDGE CAPITAL HOLDINGS LLC


                              By: /s/  John A. Griffin
                                  --------------------
                                  Name:   John A. Griffin
                                  Title:  Managing Member






CUSIP No. 22282E102                 13G                      Page 13 of 13 Pages


                              BLUE RIDGE CAPITAL OFFSHORE HOLDINGS LLC


                              By: /s/  John A. Griffin
                                  --------------------
                                  Name:   John A. Griffin
                                  Title:  Managing Member


                              JOHN A. GRIFFIN


                              /s/  John A. Griffin
                              --------------------