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IN RE TEXACO INC.

Bankruptcy Nos. 87 B 20142-87 B 20144.

76 B.R. 322 (1987)

In re TEXACO INC., Texaco Capital Inc., Texaco Capital N.V., Debtors.

United States Bankruptcy Court, S.D. New York.

July 24, 1987.

Attorney(s) appearing for the Case

Weil, Gotshal & Manges, Cravath, Swaine & Moore, New York City, for debtors.

Levin & Weintraub & Crames, New York City, Stutman, Treister & Glatt, P.C., Los Angeles, Cal., Baker & Botts, Houston, Tex., Paul, Weiss, Rifkind, Wharton & Garrisonn, New York City, for Pennzoil Co.

Kramer, Levin, Nessen, Kamin & Frankel, New York City, for General Committee.

Cleary, Gottlieb, Steen & Hamilton, New York City, for Industry Committee.

Strook & Strook & Lavan, New York City, for Morgan Guar. Trust.

Booth, Marcus & Pierce, New York City, for Oil, Gas & Nuclear Workers' Union.

Berger & Montague, P.C., Philadelphia, Pa., for John F. Browne, Chairman, Texaco Shareholders Group.

Bader & Bader, White Plains, N.Y., for Lindner Fund, Inc.

DECISION ON TEXACO'S MOTION TO EXTEND AND PENNZOIL'S MOTION TO REDUCE THE § 1121 EXCLUSIVITY PERIODS

HOWARD SCHWARTZBERG, Bankruptcy Judge.

The tension between Texaco Inc. and its leading general unsecured creditor, Pennzoil Company, has heightened to the point where they have each applied for diametrically opposite relief; Texaco seeks to extend and Pennzoil seeks to reduce the 120-day and 180-day exclusive periods during which only a debtor may file...

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