general creditor

The meeting with the general creditors, consisting of companies outside the oil industry, had been scheduled since early last month.

The administrators expect to pay general creditors 9p in the pound.

By those standards, the banks are likely to fare the best of any general creditors.

General creditors such as suppliers and small contractors are owed $20 million more.

"At what point does the regulators' desire to save their insurance fund money conflict with the interest of general creditors?"

Officials of the general creditors' committee, which includes banks, insurance companies and several large corporations, could not be reached yesterday.

One consists Texaco's general creditors, such as banks and insurance companies.

The oil industry committee will merge with the general creditors committee on Friday.

Note that the employee should have only the rights of an unsecured general creditor.

This is to make the employer junior to general creditors so that the employee can avoid current inclusion into income.

Instead, they will become general creditors of Adler Coleman, to be paid if cash is available.

In the event of the defendant's insolvency, the trust assets are untouchable by the general creditors.

The benefits are "unsecured" as long as the employee is considered merely a general creditor of the company.

Under the agreement, Texaco had said it would support the shareholders' committee to be at any bargaining session that included the general creditors' committee.

In announcing the deal today, the agency said its assurances "to depositors, general creditors and certain financial market participants remain in force."

Texaco's general creditors' committee and its shareholders' committee support shorter extensions, but for differing reasons.

"This is very important," Mr. Weinstein said, "because in most nonqualified plans, an executive becomes a general creditor of the company."

Mr. Luce is the chairman of the committee of general creditors and has been acting as an informal intermediary for the embattled companies.

"Texaco desired to undermine the efforts of the general committee to come to a settlement," said one representative of the general creditors' committee.

Similar assurances remain in effect for general creditors and dealers in the reverse repurchase agreements that Financial Corporation uses to borrow money.

Texaco officials were reportedly concerned that the company's general creditors and Pennzoil might be able to reach an agreement soon and force it upon Texaco.

He is currently the chairman of the general creditors committee that is developing strategies in the Chapter 11 bankruptcy proceedings of Texaco Inc.

The judge said the committee must approve any accord reached by Pennzoil and the general creditors before he would allow it to go to a vote by other shareholders.

They are relegated to the status of general creditors because while breach would occur after filing of the bankruptcy petition, the contract was entered into before the filing.

The general creditors committee in Texaco Inc.'s bankruptcy case is expected to seek the authority today to submit its own plan of reorganization, according to people close to the case.