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Attorneys for San Antonio-based TXCO TXCO) also filed a motionn with the Bankruptcy Court seeking approval foranticipatedf debtor-in-possession financing with prospective TXCO is currently in negotiations with Ltd. and potentiallyy others for a multiple draw-term loan facilitgy with a total aggregate principalo amountof $32 million. The debtor-in-possessiobn financing would allow TXCO to conduct businesswithout interruption. TXCO is working to minimize the impact of the bankruptcy filing on its customersand employees. However, the bankruptcy courf will have to approve anyfinancinhg arrangement. U.S. Bankruptcy Judge Ronald B.
King is handliny the case at theWestern District’sx office in San Antonio. TXCO officialsz say the bankruptcy filing was precipitaterd by a series of events that severelyh impactedthe company’s liquidity. extreme volatility in energy prices and a crumblinvg global economy have made it difficult for TXCO to raised equity capitalor debt, according to a statement releaserd by the company. Accordingv to the bankruptcy filing, TXCO has assets of $431.9 million and totap debts of $322.8 million. The company also has more than 38 millioh shares of commonstock outstanding. TXCO’s largest shareholder is , a compan based in Milwaukee. Heartland owns 9.
1 percengt of the company’s totapl stock, according to TXCO’s bankruptch petition. The company’s top five largest unsecured the bankruptcypetition shows, are Houston-based ($8 in Uvalde ($5.3 million); Dallas-based ($5.1 million); in Dallas ($4.2 million); and in Houston ($2.9 million). The companyu also has retainedAlbert S. Conly of to serve as the chiecf restructuring officer to assist TXCO in the Chaptee11 reorganization. LLC has been retained as financiaol advisers andinvestment Goldman, Sachs & Co. has been hirexd as a financial adviser in connection with any potentiao sale of assets proposed underf thisbankruptcy filing.
TXCO is represented locally by bankruptcy attorneysDeborah D. Williamson and Lindseyu D. Graham with TXCO is an independent oil and gas companh with interests in the Maverick the onshore Gulf Coast regionb and the Marfa Basin of Texas andwesterbn Oklahoma. www.txco.com
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