Creditors Balk At TXCO Disclosure Statement

Law360, New York (December 10, 2009, 4:28 PM EST) -- A number of creditors have lodged objections to bankrupt oil company TXCO Resources Inc.'s disclosure plan, which centers on the company's proposed sale to Newfield Exploration Co.

Objections filed in the U.S. Bankruptcy Court for the Western District of Texas by Chieftain Exploration Co., Lide Industries Inc., Techmation Electric and Controls Ltd. and others say the disclosure statement has flaws that include not containing adequate information.

In its disclosure statement and reorganization plan filed in November, TXCO Resources has proposed selling almost all its assets to...
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