Coho Energy Announces the Completion of the Sale of All of Its Oil and Gas Properties.Business Editors DALLAS--(BUSINESS WIRE)--Aug. 30, 2002 Coho Energy, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CHOQE) announced today that on Aug. 29, 2002 it completed the sale of all of its oil and gas properties for an aggregate sales price of approximately $222 million in cash. Coho Energy's oil and gas properties were sold in two separate transactions to Citation Citation (foaled 1945) U.S. Thoroughbred racehorse. In four seasons he won 32 of 45 races, finished second in ten, and third in two. He won the 1948 Triple Crown, and became the first horse to win $1 million. He set a world record in 1950 by running a mile in 1:33 3/5. Oil & Gas Corp. and Denbury Resources, Inc. The claims of creditors of Coho Energy who have liens against properties that were sold attach to the sale proceeds paid to Coho Energy at closing. Those creditors will receive payments on allowed claims in accordance with future orders of the Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . Since the estimated claims of Coho Energy's creditors in its bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party aggregate in excess of $335 million, it is unlikely that Coho Energy's shareholders will receive any distribution upon liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the company. Coho Energy intends to file a plan of liquidation no later than Oct. 31, 2002. Creditors with allowed claims that do not attach to the sale proceeds will receive distributions pursuant to Coho Energy's plan of liquidation after approval by the Bankruptcy Court. |
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