Galaxy Oil Co said it wasnotified by its secured bank lenders that they plan to
foreclose on the company's material assets on April 7.
    The company, which is in default of its 26.5 mln dlrs of
bank debt and all of its other interest bearing debt, said it
is unlikely that its board will accept the banks' latest offer
for restructuring its debt.
    Galaxy said that if an agreement cannot be reached with its
lenders, it plans to file for Chapter 11 reorganization on or
before April 7. It added that it is holding talks with other
parties on debt restructuring alternatives.
 Reuter
