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COLUMBIA COMPANIES SEEK BANKRUPTCY COURT APPROVAL TO EXTEND EXCLUSIVITY PERIODS TO JULY 23

 WILMINGTON, Del., March 9 /PRNewswire/ -- The Columbia Gas System, Inc. (NYSE: CG) and Columbia Gas Transmission Corp., its principal pipeline subsidiary, have asked the U.S. Bankruptcy Court for the District of Delaware to extend the periods during which they have exclusive rights to file Chapter 11 plans of reorganization to July 23, 1993.
 In a joint motion, the companies also requested an interim extension from March 25, the date that current exclusivity periods are scheduled to expire, until April 2, 1993, the court's next scheduled hearing date for matters relating to the Columbia cases.
 The motion points out that representatives of both companies have been exploring and developing proposals for reorganization and have been meeting with representatives of the official committees to discuss the many unique and complex issues involved in the proceedings. Both companies believe these ongoing discussions represent progress toward the resolution of significant issues that may lead to the formulation of consensual plans of reorganization.
 The motion also states that the extensions will provide additional time for:
 -- The court-appointed mediator to complete the process of establishing uniform standards against which to quantify the extensive claims for damages filed against Columbia Transmission by producers whose contracts were rejected.
 -- Both companies to continue their reviews and analyses of the many other claims filed by creditors.
 -- Courts to act on litigation resulting from a complaint filed by Columbia Transmission's Creditors' Committee questioning the validity of intercompany transactions and from challenges to the flow-through of refunds to customers.
 -- Columbia Transmission to proceed with its restructuring under new industry-wide regulations established by the Federal Energy Regulatory Commission that could have a substantial impact on its plan of reorganization.
 As a result of delays associated with the pending litigation and the proceedings to resolve the claims for rejected producer contracts, Columbia announced recently that it now appears unlikely that the Chapter 11 proceedings can be concluded before the end of this year.
 The Columbia Gas System, Inc., and Columbia Gas Transmission Corp. have been operating as debtors-in-possession under Chapter 11 of the U.S. Bankruptcy Code since July 31, 1991. The bankruptcy court has granted four previous requests by the companies to extend exclusivity.
 /delval/
 -0- 3/9/93
 /CONTACT: H.W. Chaddock, 302-429-5261, or W.R. McLaughlin, 302-429-5443 (both media); or T.L. Hughes, 302-429-5471 (analysts), all of Columbia Gas/
 (CG)


CO: The Columbia Gas System, Inc.; Columbia Gas Transmission Corp.;
 U.S. Bankruptcy Court for the District of Delaware ST: Delaware IN: OIL SU:


CC -- PH013 -- 4494 03/09/93 11:40 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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