NEW YORK — The committee representing Texaco creditors sought permission Tuesday to affix both a floor and a ceiling on the price Texaco must pay Pennzoil to settle their protracted feud over Getty Oil.
The committee, in an unusual bid to expedite a settlement, also asked the U.S. Bankruptcy Court to appoint a "distinguished American" as an examiner to "work with Texaco and Pennzoil in an effort to bring them together."
Texaco sought Chapter 11 bankruptcy protection from its creditors in April to forestall enforcement of a $10.3-billion judgment that Texaco improperly interfered with Pennzoil's acquisition of Getty Oil. Creditors other than Pennzoil have become increasingly worried about the prospects of getting their money ever since the Texas Supreme Court declined earlier this month to hear Texaco's appeal, and have stepped up their efforts to bring the sides to the bargaining table.
Pennzoil said it opposes the appointment of an examiner because "that is not going to shorten the negotiations at all and could cause additional litigation." But the concept of a floor and a cap "certainly merits some exploration," said spokesman Robert Harper.