Creditors Object To TXCO Asset Sale To Newfield

By Nick Brown

Law360, New York (November 12, 2009, 5:39 PM ET) -- Bankrupt oil company TXCO Resources Inc. submitted a disclosure statement and reorganization plan Thursday, a day after the unsecured creditors committee objected to the company's proposed asset sale to Newfield Exploration Co.

The plan, lodged in the U.S. Bankruptcy Court for the Western District of Texas, proposed selling almost all of TXCO's assets to Newfield for $223 million in cash, an agreement the company announced Nov. 6.

But the unsecured creditors committee said the court should not approve the proposal without broadening the definition of a...
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