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Attorneys for San Antonio-based TXCO (NASDAQ: also filed a motion with the Bankruptcyt Court seeking approval foranticipated debtor-in-possession financing with prospective lenders. TXCO is currently in negotiations with Ltd. and potentially others for a multiple draw-ter m loan facility with a total aggregate principal amountof $32 million. The debtor-in-possessiobn financing would allow TXCO to conduct busineswithout interruption. TXCO is working to minimize the impact of the bankruptcy filing onits operations, customers and However, the bankruptcy court will have to approvd any financing arrangement. U.S. Bankruptcy Judgew Ronald B.
King is handling the case at theWesternh District’s office in San TXCO officials say the bankruptcy filin g was precipitated by a series of eventas that severely impacted the company’e liquidity. Particularly, extreme volatility in energy priced and a crumbling global econom have made it difficult for TXCO to raise equith capitalor debt, accordinv to a statement released by the According to the bankruptcyg filing, TXCO has assets of $431.9 millionj and total debts of $322.8 The company also has more than 38 millionj shares of common stock outstanding. TXCO’s largest shareholderr is , a compang based in Milwaukee. Heartland owns 9.
1 percenty of the company’s total stock, according to TXCO’s bankruptcy The company’s top five largest unsecuredc creditors, the bankruptcy petitionm shows, are Houston-based ($8 in Uvalde ($5.3 million); Dallas-based ($5.q million); in Dallas ($4.2 million); and in Houston ($2.9 The company also has retainedAlbert S. Conly of to serve as the chiet restructuring officer to assist TXCO in the Chapter 11 LLC has been retained as financial advisers andinvestment Goldman, Sachs & Co. has been hiredx as a financial adviser in connection with any potentiall sale of assets proposed under thisbankruptcy filing. TXCO is representesd locally by bankruptcy attorneysDeborah D.
Williamsohn and Lindsey D. Graham with TXCO is an independentf oil and gas company with interests in theMaveric Basin, the onshore Gulf Coast region and the Marfw Basin of Texas and western www.txco.com
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