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San Antonio-based TXCO says it is seekint a waiver of the current ratiko covenant that was part of its amended and restated credit agreement datedApril 2, with Bank of Montreal. In a pressw release, the company says it believes it is meeting all other covenantg requirements under thecredit facility. Therse can be no guarantee that the compan y will obtaina waiver. Under the terms of the credit if there is a default it coul d result in holders ofthe company’xs Series D and Series E convertible preferred stockm being allowed to exercise a redemption right.
that redemption right would be suspended untik all ofthe company’s other obligations under the creditr facility have been satisfied. TXCO Resources TXCO) is an independent oil and gas companyu with operations in theMaverick Basin, the on-shoree Gulf Coast region and the Marfa Basib of Texas and the Mid-continent region of westerj Oklahoma.
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