TXCO Wins Approval For Disclosure Statement

Law360, New York (December 21, 2009, 12:02 PM EST) -- A bankruptcy judge has approved bankrupt oil company TXCO Resources Inc.'s disclosure statement, which describes a plan to sell the company to Newfield Exploration Co., over the objections of several creditors.

Judge Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas ruled that the disclosure statement was “in the best interests of the debtors, their estate and creditors and other parties in interest,” and set a Jan. 16 deadline for creditors to vote on the plan.

A confirmation hearing on the...
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