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BANKRUPTCY COURT DENIES CREDITORS MOTION TO CONVERT EL PASO REFINERY, L.P.'S BANKRUPTCY FILING TO CHAPTER 7 LIQUIDATION PROCEEDING

 EL PASO, Texas, Nov. 24 ~PRNewswire~ -- El Paso Refining, Inc., the general partner of El Paso Refinery, L.P. (NYSE: ELP) today announced that the United States Bankruptcy Court for the Western District of Texas, Austin Division, denied a motion to convert to a Chapter 7 Proceeding filed by certain of the partnership's secured creditors.
 The partnership filed a petition for reorganization under Chapter 11 of the United States Bankruptcy Code on Oct. 23, 1992. Pursuant to an order of the bankruptcy court, the partnership's refinery has been shut down since Oct. 30, 1992.
 The bankruptcy court adjourned the hearing for 75 days in order for a trustee~examiner for the partnership to be appointed and to report to the court and at which time the bankruptcy court would reconsider its ruling on the motion to convert. The court ordered that the partnership's refinery not be restarted during the 75-day period. Regardless of whether or not the partnership is ultimately successful in opposing the motion to convert to a Chapter 7 Proceeding and implementing a plan of reorganization, the general partner can give no assurance as to the amount, if any, of any ultimate recovery by the partnership's creditors or the holders of its equity interest.
 El Paso Refinery, L.P. owns a high-conversion petroleum refinery and terminal facility in El Paso, Texas.
 -0- 11~24~92
 ~CONTACT: Ransom B. Jones of El Paso Refinery, 915-772-1433~
 (ELP)


CO: El Paso Refining, Inc. ST: Texas IN: OIL SU: RCN

TM -- NY085 -- 1321 11~24~92 19:24 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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