Newspaper article THE JOURNAL RECORD

More Objections Filed to Both Amarex Plans of Reorganization

Newspaper article THE JOURNAL RECORD

More Objections Filed to Both Amarex Plans of Reorganization

Article excerpt

Additional objections to both proposed plans of reorganization for Amarex Inc. were filed Wednesday in U.S. Bankruptcy Court for the Wester n District of Oklahoma in Oklahoma City.

Objections to both disclosure statements were also filed with the court.

The two reorganization plans filed with the court are the Amarex Second Amended Joint Plan of Reorganization and the Official Trade Creditor's Committee Plan of Reorganization (the Templeton Plan).

These latest objections follow those filed in the past week by various creditors of the oil and gas conglomerate which filed for Chapter 11 bankruptcy in 1982.

Other creditors which filed objections in court include those by Amarex Inc. and the company's banks who objected to various sections of the Templeton Plan, and objections filed by the Official Trade Creditor's Committee who are opposed to certain sections of the Amarex Plan.

Objections to the disclosure statement were filed Wednesday by the Official Limited Partners Committee and objections to the plans of reorganization were filed by the Class 15 claimants in the Amarex Plan and the Class 16 claimants in the Templeton Plan.

The Official Limited Partners Committee objected to the Amarex Plan disclosure statement because it:

- Fails to disclose material legal differences that exist between each of the post-1977 limited partnerships and the impact of such differences upon the treatment of the limited partners under both plans of reorganization.

- Fails to disclose differences in legal and factual status that exist among the individual limited partners within each of the post-1977 limited partnerships.

- Fails to detail the mechanism through which the partnership shall retain the general partners' share of net revenues of such partnership.

- Fails to disclose adequate information regarding whether the adjustment of revenue sharing ratios is to be effected in all of the post-1977 partnerships, or only in a portion of those. …

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