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TGX: BANKRUPTCY COURT ORDERS CONVERSION OF REORGANIZATION PLAN

 TGX: BANKRUPTCY COURT ORDERS CONVERSION OF REORGANIZATION PLAN
 SHREVEPORT, La., Sept. 2 /PRNewswire/ -- TGX Corporation (NASDAQ: XTGXQ) announced today that on Aug. 31, 1992, the bankruptcy court for the Western District of Louisiana (the court) had ordered the conversion of its previously confirmed plan of reorganization to a Chapter 7 liquidation proceeding.
 The bankruptcy court determined that the plan had not been substantially consummated within the time period set forth in the court's prior orders and entered an order appointing a trustee to proceed with the liquidation of the company's assets effective as of Sept. 10, 1992, the date the court's order becomes effective. Prior to the effective date of the court's order, the company's board of directors will continue to manage the company.
 It is the company's opinion that the plan can be substantially consummated and it intends to appeal to court orders.
 The company is headquartered in Shreveport, La., and is engaged in the production of oil and gas reserves.
 -0- 9/2/92
 /CONTACT: TGX Corporation public relations, 318-221-0707/
 (XTGXQ) CO: TGX Corporation ST: Louisiana IN: OIL SU: BCY


LD-PS -- NY075 -- 6155 09/02/92 18:03 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
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