HOUSTON, Feb. 9 /PRNewswire/ -- KCS Energy, Inc. (NYSE: KCS) confirmed
today that February 2, 2001 is the record date for payments or distributions
to be made pursuant to the order entered by the United States Bankruptcy Court
for the District of Delaware on January 30, 2001 confirming the KCS Energy,
Inc. plan of reorganization.
As previously announced, on the effective date of the plan, which is
anticipated to be in mid-February, current shareholders will retain 100% (75%
on a fully diluted basis) of the common stock, all past due interest on the
Senior Notes and Senior Subordinated Notes will be paid, and the Company will
repay $60 million of its Senior Notes. The remaining $90 million principal
amount of its Senior Notes and $125 million principal amount of its Senior
Subordinated Notes will be renewed under amended indenture provisions, but
without a change in interest rates. In addition, the maturity date of the
Subordinated Notes has been amended from January 15, 2008 to January 15, 2006.
All other creditors will be paid in full on the effective date or in the
ordinary course of business.
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 Payment (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 Analyst, Beth Lewis, 617-342-7003,
General, Marilyn Meek, or Media, David Closs, 212-661-8030, all
of The Financial Relations Board
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