COLUMBIA COMPANIES SEEK EXTENSION OF DEADLINE TO FILE REORGANIZATION PLANS
COLUMBIA COMPANIES SEEK EXTENSION OF DEADLINE
TO FILE REORGANIZATION PLANS
WILMINGTON, Del., Nov. 4 /PRNewswire/ -- The Columbia Gas System, Inc., (NYSE: CG) and Columbia Gas Transmission Corp., its principal pipeline subsidiary, have filed a joint application with the U.S. Bankruptcy Court for the District of Delaware seeking to extend the initial deadline for filing plans of reorganization on an exclusive basis from Nov. 28, 1991, to March 28, 1992.
The two companies filed July 31, 1991, for protection under Chapter 11 of the Bankruptcy Code.
In their joint motion, the companies cite the size and complexity of the proceedings as the principal reasons for the extension. They point out that the cases are "further complicated" by the fact that they "involve the reorganization of a regulated public utility holding company" and that this "presents an extensive and perplexing array of questions of both fact and law that are not normally found in a Chapter 11 proceeding."
The companies stressed that it is their desire to move forward "to resolve disputed claims and to put forward a business plan for settling those claims consistent with continued viable business operations."
The motion points out the extensions will give the companies time to proceed intelligently in preparing their reorganization plans and to negotiate issues with their Creditors' Committees.
/CONTACT: H.W. Chaddock of Columbia Gas, 302-429-5261, or 302-429-5000/
(CG) CO: The Columbia Gas System, Inc.; Columbia Gas Transmission Corp.;
U.S. Bankruptcy Court for the District of Delaware ST: Delaware IN: UTI SU: MP -- PH004 -- 0597 11/04/91 09:21 EST