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HADSON ANNOUNCES EFFECTIVENESS OF AMENDMENT TO ITS PLAN OF REORGANIZATION

 HADSON ANNOUNCES EFFECTIVENESS OF AMENDMENT
 TO ITS PLAN OF REORGANIZATION
 OKLAHOMA CITY, Aug. 18 /PRNewswire/ -- Hadson Corporation (NYSE: HAD) announced that the supplemental proxy materials related to a modification of its "prepackaged" plan of reorganization which were recently filed with the Securities and Exchange Commission have been declared effective. A new voting deadline of Sept. 10, 1992 has been set for acceptance or rejection of Hadson's "prepackaged" plan of reorganization as modified. The supplemental disclosure materials will be provided to all eligible voting parties.
 The modifications to the plan call for holders of Hadson's 7-3/4 percent Convertible Subordinated Debentures to receive, in addition to 8 percent Junior Cumulative Convertible Preferred Stock, warrants to purchase an aggregate 12 million additional shares of Hadson's Common Stock at a price of $1.25 per share. The warrants would be exercisable during certain time periods each year from 1994 through 1997. Hadson would issue 400 warrants for each $1,000 debenture.
 In addition, the modifications provide that the 8 percent Junior Cumulative Convertible Preferred Stock will automatically convert into Common Stock at the rate of $1 per share when the Common Stock trades at $1.75 per share for a specified period of time, rather than $1.25 per share. All other terms of the plan remain unchanged.
 Hadson Corporation is an independent producer and supplier of energy products and services. Hadson has continuing operations in natural gas and gas liquids through its subsidiary Hadson Energy Products and Services, Inc. (HEPSI). HEPSI is not a party to Hadson Corporation's debt agreements and will not be a party to Hadson's bankruptcy proceedings.
 -0- 8/18/92
 /CONTACT: J. Michael Adcock, president and chief operating officer, of Hadson Corporation, 405-235-9531/
 (HAD) CO: Hadson Corporation ST: Oklahoma IN: OIL SU: RCN


LR -- NY019 -- 0853 08/18/92 09:41 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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