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MATTER OF PENGO INDUSTRIES, INC.

No. 91-1769.

962 F.2d 543 (1992)

In the Matter of PENGO INDUSTRIES, INC., Pengo Finance, N.V., Debtors. TEXAS COMMERCE BANK, N.A., Indenture Trustee, Appellee, v. Dr. Seymour LICHT, and Official Committee of Unsecured Creditors of Pengo Industries, Appellants.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied July 10, 1992.

Attorney(s) appearing for the Case

Richard H. Kuh, Edgar H. Booth and Donald L. Kuba, Warshaw, Burstein, Cohen, Schlesinger & Kuh, New York City, for Official Committee.

Edward L. Rothberg, Weycer, Kaplan, Pulaski & Zuber, Houston, Tex., for Texas Commerce Bank.

Before GOLDBERG, DUHÉ, and BARKSDALE, Circuit Judges.

GOLDBERG, Circuit Judge:

A company finds itself unable to meet its debt obligations. Its bondholders fear bankruptcy, with its inherent delays, costs, and complications. But perhaps the company can work out its financial problems before capitulating to the bankruptcy courts. The company proposes an exchange: Bondholders can tender an old bond and receive a new bond of equal face value, but on terms more favorable to the company. The incentive for the bondholder is...

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