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NUGGET OIL CORPORATION FILES FOR PROTECTION UNDER CHAPTER 11

 NUGGET OIL CORPORATION FILES FOR PROTECTION UNDER CHAPTER 11
 CORPUS CHRISTI, Texas, April 16 /PRNewswire/ -- Nugget Oil Corporation, a Minnesota corporation, today announced that it filed a voluntary petition for protection from creditors under Chapter 11 of the Federal bankruptcy laws. In accordance with the voluntary petition filed with the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, Nugget will operate as a debtor-in- possession under the U.S. Bankruptcy Code. Duane Herbst, the newly- elected president of Nugget, stated that the decision to file the petition under Chapter 11 was made only after it became apparent that no other recourse was available which would effectively preserve Nugget's assets and insure its ongoing operations. Nugget, as a debtor-in- possession, will continue to operate in the ordinary course of business and anticipates filing its plan for reorganization with the Bankruptcy Court in the near future.
 -0- 4/16/92
 /CONTACT: Duane S. Herbst of Nugget Oil, 512-882-9956/ CO: Nugget Oil Corporation ST: Minnesota, Texas IN: OIL SU: BCY


AL -- MN008 -- 9333 04/16/92 13:12 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
Words:181
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