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CENTRAL AND SOUTH WEST CORPORATION SAYS IT IS DISCUSSING A REORGANIZATION PLAN WITH EL PASO ELECTRIC AND CREDITORS COMMITTEES

 DALLAS, Jan. 13 /PRNewswire/ -- Central and South West Corporation (NYSE: CSR) said today it is negotiating with El Paso Electric Company (NASDAQ: ELPAQ) and with official creditors committees involved in El Paso Electric's pending bankruptcy case under Chapter 11 of the United States Bankruptcy Code (Case No. 92-10148-FM) concerning a proposal by Central and South West to file a plan to reorganize El Paso Electric.
 Under Central and South West's proposal, which would be filed in the United States Bankruptcy Court for the Western District of Texas, Austin Division, El Paso Electric would emerge from bankruptcy as a direct, wholly owned operating subsidiary of Central and South West.
 Central and South West said its discussions with El Paso Electric and the creditors committees are continuing. However, the company said it could make no assurances that it actually would file a reorganization plan.
 If Central and South West files a plan of reorganization, the plan would be subject to numerous conditions, including approval by the Securities and Exchange Commission under the Public Utility Holding Company Act of 1935 and many other regulatory approvals. Furthermore, Central and South West said, it could make no assurances that its plan for El Paso Electric would be approved by the bankruptcy court or that a transaction would be completed.
 Central and South West said it follows a policy of not commenting on rumors, market activity, merger or acquisition possibilities, or negotiations unless and until required by law. The company said that, as part of its policy, it does not intend to comment further or to release additional information about its discussions with El Paso Electric or the creditors committees or about related matters unless and until required by law.
 Central and South West Corporation is a public utility holding company based in Dallas. It owns Central Power and Light Company, Public Service Company of Oklahoma, Southwestern Electric Power Company and West Texas Utilities Company. These four subsidiaries provide electric utility service to 1.6 million customers in Texas, Oklahoma, Louisiana and Arkansas. Central and South West also owns Transok, Inc., an Oklahoma intrastate natural gas pipeline company, and four other subsidiaries.
 -0- 1/13/92
 /CONTACT: Gerald R. Hunter, director of corporate communications of Central and South West Corporation, 214-754-1165/
 (CSR)


CO: Central and South West Corporation ST: Texas IN: UTI SU: RCN

SM -- NY054 -- 4490 01/13/93 14:28 EST
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Publication:PR Newswire
Date:Jan 13, 1993
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