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TGX CORPORATION ENGAGES INVESTMENT FIRM TO PROVIDE ADVISORY SERVICES

 HOUSTON, July 16 /PRNewswire/ -- TGX Corporation ("TGX") announced that it has engaged the investment banking firm of The Principal/Eppler, Guerin & Turner, Inc. to provide financial advisory services and to assist the TGX board of directors in evaluating various financial alternatives relating to the reorganization, recapitalization, or other means for improving TGX's financial condition, improving its prospects for continuing operations, and preserving and enhancing value for all shareholders.
 In conjunction with this matter, the firm of Netherland, Sewell and Associates, independent petroleum engineers, has been engaged by TGX to prepare a report regarding TGX's oil and gas reserves.
 TGX is currently in default under its secured credit agreement with Bank of Montreal ("BMO") which has notified TGX that it is willing to forebear from accelerating TGX's obligation if TGX submits a detailed, definitive and acceptable recapitalization plan to BMO on or before July 22.
 -0- 7/16/93
 /CONTACT: Joe W. Cluck, vice president of TGX Corporation, 713-872-0500/


CO: TGX Corporation; Bank of Montreal ST: Texas IN: OIL SU:

BR-BN -- AT010 -- 2698 07/16/93 17:47 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
Words:178
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