TONM’s plan of reorganization was confirmed.
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The plan of reorganization for the oil and gas exploration firm, which was confirmed by the U.S. Bankruptcy Court for the Central District of California, includes TONM’s wholly owned subsidiary, Tellus Manufacturing. Under the plan, creditors of TONM and Tellus will receive units of new Tellus, with one unit being exchanged for each dollar of creditor claim. The company’s name will be changed to Tellus Industries and it will be listed on NASDAQ.
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