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Texaco Panel Seeks Help

October 16, 1987|Associated Press

WHITE PLAINS, N.Y. — The committee representing Texaco Inc. shareholders in the company's Chapter 11 bankruptcy case indicated Thursday that it supported a move to dissolve the industry creditors committee co-chaired by Pennzoil Co.

The committee, representing 278,000 Texaco shareholders, also asked the U.S. Bankruptcy Court for permission to hire an investment banker to help it evaluate any reorganization plan or proposed settlement of Texaco's multibillion-dollar legal dispute with Pennzoil.

U.S. Bankruptcy Trustee Harry Jones has said he would make a decision on the matter Oct. 27.

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