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Texaco Resumes Dividends

April 15, 1988|Reuters

NEW YORK — Texaco Inc., which emerged from bankruptcy last week, said today it would resume paying quarterly dividends and raise the amount of assets it plans to sell to $5 billion from $3 billion as part of its reorganization plan.

Texaco said the quarterly dividends will be 75 cents per share, which the company was paying when it filed for Chapter 11 in April, 1987. The company said proceeds from the sale of assets, including oil producing, manufacturing and marketing holdings, will be used to reduce debt, improve cash flow, and to fund a possible share buyback and other actions under consideration.

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