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TRANSCO TO ACQUIRE CORPUS CHRISTI ASSETS, RESOLVE LITIGATION

 HOUSTON, Aug. 16 /PRNewswire/ -- Transco Energy Company (NYSE: E) and Corpus Christi Gas Gathering, Inc., and certain affiliated Corpus Christi companies, have reached an agreement in principle under which Transco would acquire, through an exchange of stock, Corpus Christi's interest in the jointly owned gas gathering and intrastate pipeline assets, terminate the existing business relationships, and then lease certain of the assets to Corpus Christi. The agreement is subject to the signing of final documents, after which both companies will drop their pending lawsuits. Transco expects that, in connection with restructuring the business relationships, all payments and non-cash charges will total less than $50 million pre-tax.
 Transco Energy Company transports natural gas through its interstate pipeline systems to markets in the eastern and midwestern United States and arranges for the transportation and sale of natural gas throughout the U.S. Transco also maintains modest positions in other energy- related businesses.
 -0- 8/16/93
 /CONTACT: Katherine K. Putnam, 713-439-2455, or R. Dean Ayers, 713-439-2593 (analysts), both of Transco Energy Company/
 (E)


CO: Transco Energy Company; Corpus Christi Gas Gathering, Inc. ST: Texas IN: OIL SU: TNM

MP -- NY037 -- 2959 08/16/93 10:00 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
Words:195
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