Texaco held a creditors meeting in Rye Brook, N.Y.

Texaco executives told the 50 people at the meeting that the oil company’s finances are good, and that it intends to pay them 100% of what they are owed, but that it is far from submitting a reorganization plan to the bankruptcy court. The company filed under Chapter 11 of the U.S. Bankruptcy Code on April 12. Texaco has more than 17,000 creditors, including Pennzoil. The only snag the company has encountered since the filing was that in some countries, the bankruptcy filing was seen as tantamount to insolvency, and Texaco has endeavored to assure the countries, employees and creditors that Texaco was indeed solvent, the executives said.