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COLUMBIA GAS CREDITORS HAVE UNTIL MARCH 18 TO FILE CLAIMS; COMPANY ANTICIPATES EXAGGERATED CLAIMS

 COLUMBIA GAS CREDITORS HAVE UNTIL MARCH 18 TO FILE CLAIMS;
 COMPANY ANTICIPATES EXAGGERATED CLAIMS
 WILMINGTON, Del., March 17 /PRNewswire/ -- Creditors of The Columbia Gas System, Inc. (NYSE: CG) and creditors of Columbia Gas Transmission Corporation have until 5 p.m. (PST) tomorrow, March 18, to file claims, the company said.
 Except for specified cases, creditors who fail to file by the deadline would be barred from voting upon or receiving distributions under the separate reorganization plans that will be filed by the companies.
 The Columbia Gas System, Inc. and Columbia Gas Transmission, its principal pipeline subsidiary, filed separate petitions seeking protection under Chapter 11 of the Federal Bankruptcy Code on July 31, l991.
 Columbia Gas Senior Vice President and Chief Legal Officer Daniel L. Bell Jr. said it was unlikely that the agent for the two companies, Poorman-Douglas Corporation of Portland, Ore., would be able to quantify creditor claims for several weeks due to the number of claims expected and the complexity of the issues involved.
 Claims by the approximately 4,700 producers whose contracts with Columbia Transmission were rejected last year by the Bankruptcy Court are among the thousands of claims expected to be submitted by tomorrow's deadline. Bell said: "Columbia Transmission expects the producers to submit exaggerated claims which could total many billions of dollars. In cases such as Columbia's, when no guidelines have been agreed to, creditors generally overestimate the claims they submit to protect their interests."
 Although discussions are continuing, efforts thus far by Columbia Transmission and its unsecured creditors' committee to agree upon a common method of quantifying these claims have not been successful.
 /delval/
 -0- 3/17/92
 /CONTACT: H.W. Chaddock, 302-429-5261, or W.R. McLaughlin, 302-429-5443, or 302-429-5000, both of Columbia Gas/
 (CG) CO: The Columbia Gas System, Inc. ST: Delaware IN: OIL SU:


KA -- PH022 -- 8815 03/17/92 13:46 EST
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Publication:PR Newswire
Date:Mar 17, 1992
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