Federal Bankruptcy Judge Harold Abramson has approved...

Federal Bankruptcy Judge Harold Abramson has approved a reorganization plan for Placid Oil Co., owned by the trust estates of the Hunt brothers of Dallas. In approving the plan, Abramson paved the way for the Hunts and their lenders to settle a two-year dispute over $1.5 billion in bank loans. The previously announced reorganization plan had been proposed by William Herbert Hunt, Nelson Bunker Hunt, Lamar Hunt and 17 of their creditor banks. It calls for $663 million in payments and a seven-year note for $140 million, to be secured by profits from producing properties.