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FORM 8-K
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
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Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event Reported) July 19, 1994
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THE COLUMBIA GAS SYSTEM, INC.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 1-1098 13--1594808
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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20 Montchanin Road, Wilmington, Delaware 19807
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(Address of principal executive offices)
Registrant's telephone number, including area code (302) 429-5000
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Item 5. Other Events
Information contained in the News Releases dated
July 18, 1994, is incorporated herein by reference.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
The Columbia Gas System, Inc.
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(Registrant)
By /s/ R. E. Lowe
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R. E. Lowe
Vice President &
Controller
Date: July 19, 1994
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Contacts: Media - W. R. McLaughlin (302) 429-5443
H. W. Chaddock (302) 429-5261
Analysts - T. L. Hughes (302) 429-5363
K. P. Murphy (302) 429-5471
FOR IMMEDIATE RELEASE July 18, 1994
CONGRESSIONAL COMMITTEE APPROVES COLUMBIA GAS
TAX SETTLEMENT WITH THE IRS
Wilmington, Del. -- The Columbia Gas System, Inc. (NYSE:CG)
said today the U. S. Joint Congressional Committee on Taxation has approved the
tax settlement Columbia concluded with the Internal Revenue Service earlier
this year.
The settlement will now be submitted to the Bankruptcy Court
for the District of Delaware for approval.
The settlement resolves the $553 million claim filed in 1992
by the IRS in Columbia's Chapter 11 proceeding for contested issues that arose
during the years 1983 to 1990. In the settlement, Columbia agreed to pay the
IRS $63 million in taxes and $49 million in related interest upon emergence
from bankruptcy. On an after-tax basis, taking into account tax deductions
that become available in subsequent years, the final cost of the settlement
will be about $46 million, including post-petition interest.
The earnings impact of the settlement has previously been
recorded.
The Columbia Gas System, Inc., and its principal pipeline
subsidiary, Columbia Gas Transmission Corp., have been operating as
debtors-in-possession under Chapter 11 of the Federal Bankruptcy Code since
July 31, 1991.
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Contacts: Media - W. R. McLaughlin (302) 429-5443
H. W. Chaddock (302) 429-5261
Analysts - T. L. Hughes (302) 429-5363
K. P. Murphy (302) 429-5471
FOR IMMEDIATE RELEASE July 18, 1994
COLUMBIA GAS TO CREATE NATURAL GAS MARKET CENTER
Wilmington, Del. -- The Columbia Gas System, Inc. (NYSE:CG)
today announced plans to create a natural gas market center this year.
Columbia Energy Services Corporation, the System's gas marketing company, will
operate the center from its offices in Pittsburgh, Pa.
The Columbia Gas Market Center will offer a variety of natural
gas supply services designed to meet the requirements of local utilities,
marketers and large end users in today's competitive natural gas marketplace.
Initially, Columbia will focus on markets in the Northeast and Midwest that are
currently served by its five natural gas distribution companies and its
interstate pipeline subsidiaries.
Columbia Gas Chairman John H. Croom said: "In establishing the
Market Center, Columbia is responding to requests from its customers to provide
one-stop shopping for natural gas supply services. In addition, the Market
Center will enable customers to take full advantage of Columbia's extensive
pipeline and distribution facilities, its natural gas reserves and its
marketing expertise to meet their gas supply needs in an efficient and reliable
manner."
Columbia System companies serve, directly or indirectly, more
than eight million homes, businesses and industries in 15 northeastern, middle
Atlantic, midwestern and southern states and the District of Columbia. The
more than 53,000 miles of pipeline and extensive underground storage fields
they operate link these customers to all of the major gas producing fields in
the U.S.
The target date for initiating Columbia's Market Center
services is October 1, 1994. Initially, the center will
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facilitate pipeline capacity releases, arrange for gas redeliveries and
short-term natural gas storage and offer an electronic gas market information
system. Columbia Energy Services currently buys and sells gas on a short- and
long-term basis, arranges commodity hedges and offers fuel management and other
supply planning and management services.
The Columbia Gas System, Inc., and Columbia Gas Transmission
Corporation, its principal pipeline subsidiary, have been operating as
debtors-in-possession under Chapter 11 of the Federal Bankruptcy Code since
July 31, 1991.
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