Hunts Relinquish Oil Firm: The bankrupt Dallas-based...
From Times Staff and Wire Reports
Hunts Relinquish Oil Firm: The bankrupt Dallas-based brothers--Nelson Bunker, Lamar and Herbert--have relinquished control of Penrod Drilling Corp. and its prized fleet of 40 offshore drilling rigs because trustees for the family’s interests were unable to work out a compromise with lenders. Penrod was having trouble meeting loan payments of $25 million to $30 million due March 31. The Hunts relinquished their 50% interest in lieu of making the first principal payment of $537 million in debt.
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