TRANSCO RESPONDS TO COMMON STOCK WEAKNESS
TRANSCO RESPONDS TO COMMON STOCK WEAKNESS HOUSTON, March 19 /PRNewswire/ -- Transco Energy Company (NYSE: E)
stated today that the weakness in its stock price in recent days may be attributable to analyst comments and published reports expressing concerns over delays in the execution of the company's restructuring plan.
John P. DesBarres, president and chief executive officer, said that the plan is being pursued as originally contemplated but that progress has been slowed with regard to certain elements due in large part to low gas prices affecting asset sales and weakness in the financial and credit markets generally. DesBarres noted that the company has successfully implemented the cost containment and reduction measures of the plan, as well as having put in place committed bank credit facilities that will support the implementation of the plan, even if somewhat delayed. DesBarres stated that the implementation of the plan remains the highest priority of Transco's management. -0- 3/19/92 /CONTACT: Katherine K. Putnam, 713-439-2455, or R. Scott Amann, 713-439-2487, both of Transco Energy/ (E) CO: Transco Energy Co. ST: Texas IN: OIL SU: SM -- NY050 -- 9646 03/19/92 11:45 EST
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|Date:||Mar 19, 1992|
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