HOUSTON, Jan. 19 /PRNewswire/ -- KCS Energy, Inc. (NYSE: KCS) said today
that the U.S. Bankruptcy Court in Wilmington, Del., has signed an order
granting the company and its subsidiaries relief under Chapter 11 of the
Bankruptcy Code. The Court has set February 25 for a hearing to review the
required disclosure statement and has also set a tentative date of April 6 for
a confirmation hearing. KCS is proceeding under Chapter 11 in connection with
the company's previously announced Restructuring Agreement which was approved
by more than two-thirds of the holders of the Company's 8.875% Senior
Subordinated Notes due January 15, 2008 and by more than a majority of its
11% Senior Notes due January 15, 2003.
KCS is an independent energy company engaged in the acquisition,
exploration, development and production of natural gas and crude oil
with operations in the Mid-Continent and Gulf Coast regions. The Company
also purchases reserves (priority rights to future delivery of oil and gas)
through its Volumetric Production Payments (VPP) program. For more
information on KCS Energy, Inc., please visit the Company's web site at
http://www.kcsenergy.com .
To receive KCS' latest news and other corporate developments via fax at no
cost, please call 1-800-PRO-INFO. Use company code KCS. See also
http://www.frbinc.com .
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Among the important factors that could
cause actual results to differ materially from those indicated by such
forward-looking statements are delays and difficulties in developing currently
owned properties, the failure of exploratory drilling to result in commercial
wells, delays due to the limited availability of drilling equipment and
personnel, fluctuations in oil and gas prices, general economic conditions and
the risk factors detailed from time to time in the Company's periodic reports
and registration statements filed with the Securities and Exchange Commission.
SOURCE KCS Energy, Inc.
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Related links:
http://www.kcsenergy.com
CONTACT:
James W. Christmas, President and CEO of KCS
Energy, Inc., 713-877-8006; or General Info., Marianne Stewart,
212-661-8030, Analyst Info., Beth Lewis, 617-369-9240, or Media
Info., Claudine Cornelis, 212-661-8030, all of The Financial
Relations Board
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