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COLUMBIA GAS SYSTEM SHAREHOLDERS TO HEAR REPORTS ON BANKRUPTCY PROCEEDINGS AND ESTIMATED FIRST QUARTER EARNINGS

 COLUMBIA GAS SYSTEM SHAREHOLDERS TO HEAR REPORTS
 ON BANKRUPTCY PROCEEDINGS AND ESTIMATED FIRST QUARTER EARNINGS
 /ADVANCE/WILMINGTON, Del., April 30 /PRNewswire/ -- Shareholders of The Columbia Gas System, Inc. (NYSE: CG) will hear reports on the company's bankruptcy proceedings and estimated first quarter earnings at the corporation's annual shareholders' meeting here today.
 At the meeting, Columbia Chairman and CEO John H. Croom will tell shareholders that management continues to believe that both the parent company and its principal pipeline subsidiary, Columbia Gas Transmission Corp., can complete the Chapter 11 process by the middle of 1993, despite administrative delays which severely impeded progress during the first six months of the bankruptcy court proceedings. The two companies filed for protection under Chapter 11 on July 31, 1991.
 Shareholders will also hear that all of the System's operating subsidiaries -- including Columbia Gas Transmission -- are continuing to provide the highest quality service to their customers, and that the companies plan to capitalize on opportunities for natural gas in the changing energy marketplace.
 Following a review of recent developments in the bankruptcy proceedings, Croom will report that timetables recently agreed to by the parent company and Columbia Gas Transmission's Creditors' Committee provide for the resolution of several critical issues by late fall.
 Foremost among these issues are the challenges by the Creditors' Committee to the validity of the debt Columbia Transmission owes the parent company and the transfer of oil and gas properties to Columbia Natural Resources in 1990.
 Looking to the future, Croom will tell shareholders that Columbia's operating subsidiaries can effectively deal with the provisions of a major rulemaking recently issued by the Federal Energy Regulatory Commission despite the significant changes that will result in all sectors of the gas industry.
 He will also comment on the new marketing opportunities that now exist for natural gas as a result of continuing public concern for a cleaner environment and the recent amendments to the Clean Air Act.
 During the meeting, Robert A. Oswald, executive vice president and chief financial officer for the corporation, will present a preliminary report on earnings for the first quarter of 1992 and is expected to elaborate on Columbia's capital program for 1992 and bankruptcy related accounting matters.
 /delval/
 -0- 4/30/92/1201
 /CONTACT: H.W. Chaddock, 302-429-5261, or W.R. McLaughlin, 302-429-5443, (media) or D.W. McFarland, 302-429-5363, or T.L. Hughes, 302-429-5471, or 302-429-5000 (investors)/
 (CG) CO: The Columbia Gas System, Inc. ST: Delaware IN: OIL SU: ERP BCY


KA -- PH046 -- 4644 04/29/92 17:59 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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