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Smith International Inc. Files Bankruptcy Plan on Schedule

July 22, 1987|JANE APPLEGATE

LOS ANGELES — Smith International Inc. filed its bankruptcy reorganization plan in court Tuesday as scheduled. The company still has to file a disclosure statement, which will spell out all the details of the plan. U.S. Bankruptcy Judge James R. Dooley scheduled a hearing for Aug. 24 on that filing. Smith filed for protection under Chapter 11 of the federal bankruptcy code 16 months ago, after being ordered to pay a $205-million judgment to Hughes Tool Co. in a patent infringement suit. Hughes, now Baker Hughes Inc., agreed to accept $95 million on condition that it receive the money by Dec. 31. Attorneys for Smith said they are confident Smith will emerge from bankruptcy and be able to pay Baker Hughes by the end of the year.

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