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BRIEFLY

December 01, 1987

Pennzoil and an industry committee filed papers opposing Texaco's request to extend the time it has to file its reorganization plan, saying Texaco wanted the time to pressure Pennzoil into a settlement. Texaco Inc., which filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code last April, had won an extra 120 days to file its own restructuring plan as required by law. That extension expires Dec. 8, and Texaco was seeking to extend the period until June 30. Oral arguments are set for Wednesday.

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