TRANSAMERICAN FILES AMENDED REORGANIZATION PLAN
TransAmerican Natural Gas Corp, which
has been operating under Chapter 11 bankruptcy protection since
January 1983, said it filed an amended and restated negotiated
plan of reorganization.
    A hearing on the adequacy of the disclosure statement is
scheduled for April 29 in the U.S. Bankruptcy Court for the
Southern District of Texas.
    Basic terms of the amended and restated negotiated plan
have not changed from the original plan filed last October, the
company said.
     The amended filing reflects adding ancillary documents to
the plan filed in October, it said.
    Assuming the plan is found adequate on April 29,
TransAmerican would then seek acceptance from creditors which
is relatively assured since they participated in the
negotiations, the company said.
    Liabilities in excess of one billion dlrs are being
reorganized under the amended plan which provides for full
debt-repayment to secured bank lenders.
    Unsecured creditors would receive either 100 pct repayment,
secured by liens on assets, or one-time lump sum payments of 25
to 35 cts on the dollar, in cash, shortly after confirmation of
the plan by the court.
    TransAmerican is vigorously resisting efforts by Coastal
Corp <CGP> to acquire its assets through a subsequent plan of
liquidation.
    The spokesman said the company is confident its plan will
be confirmed and is optimistic that it will emerge from Chapter
11 as early ninety days after the April 29 confirmation.
    A Coastal spokesman said it will file a plan in April with
the court and will request the court to review its plan.
    On March 17, the company said that as a creditor, which is
owed 625,000 dlrs, it has a right to file its own plan which
will better serve the other creditors in a shorter time.
    A TransAmerican spokesman said the net worth of Coastal's
offer is less than 25 pct of the fair market value of
Transamerican's assets which are in excess of one billion dlrs.
     
 Reuter
