CONSOLIDATED ENERGY <CPS> UNIT FILES CHAPTER 11
Consolidated Energy Partners LP said 99
pct owned master limited partnership Consolidated Operating
Partners LP has defaulted on a 10 mln dlr principal payment to
its lending banks and has filed for reorganization under
Chapter 11 of the federal bankruptcy code.
    The company said Consolidated Operating Partners intends to
file a plan of reorganization within 90 days.
    It said a request for an extension of the payment time was
not granted.
    Consolidated Energy, an affiliate of Consolidated Oil and
Gas Inc <CGS>, said the value of the properties owned by
Consolidated Operating Partners substantially exceeds the 46.3
mln dlrs of nonrecourse debt due lender banks First Interstate
Bancorp <I> and RepublicBank Corp <RPT>.  The partnership has
other debt totalling about 530,000 dlrs, it said.
 Reuter
