BELL PETROLEUM <BPSIO>, REGAL TO FORM PLAN
Bell Petroleum Services Inc said it
agreed to begin talks with Regal International Inc to form a
plan of reorganization under which Bell would become a
subsidiary of Regal.
    The plan would be subject to Bankruptcy court approval due
to Bell's status as a debtor-in-possesion under Chapter 11. the
company's expect to file a plan by the end of May.
    This agreement terminates litigation between the companies
concerning previous attempts at a plan of reorganization..
    Bell is also free to continue talks with any third parties
interested in an acquisition, it said.
 Reuter
