Columbia Gas FIles Bankruptcy Plans

Fortnightly Magazine - June 15 1995
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The Columbia Gas System, Inc., and its principal pipeline subsidiary, Columbia Gas Transmission Corp. (CGT) have filed separate reorganization plans with the U.S. Bankruptcy Court for the District of Delaware.

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The parent company's plan proposes total distributions of about $3.6 billion to creditors, including $2.3 billion to pay prepetition debt, with $1.1 billion in interest. CGT's plan proposes a total distribution of about $3.9 billion to creditors, including about $2.2 billion to the parent company to resolve secured and unsecured claims, about $1.2 billion for producer claims, and about $300 million toward third-party claims.

John H. Croom, Columbia Gas System chair-man and CEO, predicts distributions under the two plans before the end of the year. Croom also believes the companies will emerge from bankruptcy with investment-grade debt ratings. CGT claims the settlement has wide support from state regulatory commissions.

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