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IN RE CRUTCHER RESOURCES CORP.

Bankruptcy Nos. 486-42209 to 486-42215 and 486-42265.

72 B.R. 628 (1987)

In re CRUTCHER RESOURCES CORPORATION, CRC Teton, Inc., CRC-KBM Well Service, Inc., CRC Colorado Well, Inc., CRC Mallard, Inc., CRC Well Services, Inc., CRC Wireline, Inc., and Crutcher Finance, N.V., Debtors.

United States Bankruptcy Court, N.D. Texas, Fort Worth Division.

January 7, 1987.

Attorney(s) appearing for the Case

Michael A. Berman, Office of the Gen. Counsel, Securities & Exchange Commission, Washington, D.C.

Bruce Catania, Shearman & Sterling, New York City, for Citibank, N.A.

Joe Chervin, Arthur S. Linker, Rosenman, Colin, Freund, Lewis & Cohen, New York City, for J. Henry Schroder Bank & Trust Co.

Charles Gibbs, Jenkens & Gilchrist, Dallas, Tex., for Citibank, N.A. and Senior Secured Lenders.

William T. Neary, U.S. Trustee, U.S. Department of Justice, Dallas, Tex.

Arthur A. Stewart, Sheinfeld, Maley & Kay, Dallas, Tex., Alex Galbraith, Baker & Botts, Houston, Tex., for the debtor.

MEMORANDUM OF OPINION

JOHN C. AKARD, Bankruptcy Judge.

Crutcher Resources Corporation (Crutcher), the parent corporation, and its subsidiaries (Debtors) brought an 11 U.S.C. § 363(b)(1)1 Motion to Sell Free and Clear of Liens. The testimony at the hearing indicated that all assets of the Debtors are pledged and that the Debtors have projected operating losses for the next three months...

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