HOUSTON, Feb. 29 /PRNewswire/ -- KCS Energy, Inc. (NYSE: KCS) today
reported that the U. S. Bankruptcy Court in Wilmington, Delaware, orally
denied on February 25, 2000, the Company's motion for an order determining
that the Class of Senior Notes under its proposed chapter 11 Plan would be
unimpaired if the notes were reinstated and the Third Supplemental Indenture
were effective.
"Taking into account the Court's ruling and remarks, we believe we are
able to submit an amended Plan which leaves the holders of the Senior Notes
unimpaired. Accordingly, the Disclosure Statement hearing has been adjourned
to March 16. While we believe an amended chapter 11 Plan can be filed based
on the existing note holder agreement, there can be no assurance the amended
proposed Plan will be approved," said KCS President and Chief Executive
Officer James W. Christmas.
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.
 back to top
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., David Closs, 212-661-8030, all of The Financial Relations
Board
|
