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BRIEFLY

November 12, 1987

A federal judge reserved decision on whether to grant Texaco Inc.'s request to disband one of the two creditors' committees in its Chapter 11 bankruptcy case. Following Texaco's Chapter 11 filing last April, two creditors committees were formed, one for general unsecured creditors and the other, known as the industry committee, on which Pennzoil and other oil companies sit as members. Texaco attorney Harvey Miller argued before U.S. Bankruptcy Judge Howard Schwartzberg that there no longer was a need for an industry committee. The industry committee, Miller said, was costly and duplicative and should be merged with the general committee. Schwartzberg said he would consider the arguments and rule on the matter later.

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