Baker International Inc

The much-delayed merger of Baker International and Hughes Tool was formally completed Friday, creating a new company with more than $2 billion in annual revenue and a leadership position in the manufacture of oil drilling equipment. The $1.2-billion stock swap is meant to improve the fortunes of both companies in the current downturn of the oil service industry.

The much-delayed merger of Baker International and Hughes Tool was formally completed Friday, creating a new company with more than $2 billion in annual revenue and a leadership position in the manufacture of oil drilling equipment. The $1.2-billion stock swap is meant to improve the fortunes of both companies in the current downturn of the oil service industry.

Smith International Inc.'s 10 largest creditors, according to its Chapter 11 bankruptcy filing: 1. Hughes Tool Co.*, $205 million. 2. First Fidelity Bank (N.J.), $77 million. 3. Chase Manhattan Bank, $58.3 million. 4. Security Pacific Bank, $27.4 million. 5. Midland Bank (London), $25.6 million. 6. Bank of America, $19.1 million. 7. Morgan Guaranty Trust (N.Y.), $15.1 million. 8. Amsterdam-Rotterdam Bank (London), $13.6 million. 9. Royal Bank of Scotland (London), $12.3 million, 10.

Smith International Inc. said Baker Hughes has agreed to delay until Aug. 4 the deadline for Smith to file a plan of reorganization with the federal bankruptcy court in Los Angeles. Previously, Newport Beach-based Smith was required to file the plan by July 3 under an agreement in which Baker Hughes would accept $95 million from Smith to settle a $204.6-million patent infringement judgment.

Smith International Inc. is prepared to file a reorganization plan today, although officials at the Newport Beach oil-field equipment company said Monday they plan to ask the bankruptcy court judge for a short extension. Chief financial officer Loren B. Carroll said Monday he is confident the judge will approve an extension, but if not, Smith will file a plan to meet today's deadline.

Under different circumstances, champagne corks might have popped. But by the time Ted Nelson, chairman and chief executive of Winn Enterprises in Fullerton, learned this week that his firm had broken into Fortune magazine's listing of the country's 500 largest industrial companies in 1984, the news was rather anticlimactic. After all, Nelson, 36, explained Wednesday, Winn bought Knudsen Foods Inc.

A mere 10 minutes of intense bidding in bankruptcy court late Friday forced Cameron Iron Works Inc. to pay $61.5 million--$10.5 million more than it had planned--to acquire Smith International Inc.'s McEvoy-Willis division. "I'm not at all pleased about paying the extra $10.5 million, but I'm pleased with the acquisition," said Philip Burguieres, chairman, president and chief executive officer of Houston-based Cameron.

Wall Street analysts said Thursday that they do not expect federal regulators to throw serious antitrust roadblocks in the path of the proposed $1.2-billion merger of oil services industry heavyweights Baker International Inc. and Hughes Tool Co. The merger, the largest ever in the oil services industry, would create a giant company with between $2 billion and $3 billion in sales and as much as 58% of the market for the heavy metal bits used to drill oil wells.

Baker International Inc. executives said Wednesday that the company is preparing to sell all or portions of certain key operations to satisfy the U.S. Justice Department's concerns over the antitrust implications of its proposed $1.2-billion merger with Hughes Tool Co. Baker President James D. Woods, who was elected Wednesday to succeed Earnest H. Clark Jr.

Smith International Inc.'s plan to emerge from bankruptcy by the end of the year surged forward Monday when a federal bankruptcy judge approved the Newport Beach oil services company's revised financial disclosure statement. Approval of the statement by U.S. Bankruptcy Judge James R. Dooley is a major step in the company's bankruptcy reorganization plan.

Wall Street these days is abuzz with talk of oil service company mergers, both real and imagined. In the wake of Wednesday's announced merger of Orange-based Baker International Inc. and Hughes Tool Co. of Houston, the scuttlebutt seems to be hitting the Street faster than you can say "rock bit." Acquisitions, joint ventures and similar combinations are nothing new to this deeply troubled industry.