Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: VLAD who wrote (37380)	2/11/1999 10:41:00 PM
From: Redman	Read Replies (3) of 95453

For those interested in FLC. I live in Houston, and the word on the street is that Southwest Bank has placed an $10.5 Million loan to FLC on "non-accrual." That is the last step before default. I would assume they are trying to "work-out" the loan, but if they cannot pay interest on this small a loan, it makes you wonder. For those that own Southwest Bank stock, I also heard that the loan is collateralized with assets double the outstanding balance, so that is good for the bank. Anyway, there was an article about it in yesterdays WSJ in the Texas Journal section of the Marketplace section. I do not know if subscribers in other states get the "Texas Journal", but if you do look up the article. It did not mention their name, just that an oil service company had the loan, but I can read between the lines from what I have heard and what I have read. Red

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