Texaco Inc. has asked U.S. Bankruptcy Judge...

Texaco Inc. has asked U.S. Bankruptcy Judge Howard Schwartzberg to authorize a credit agreement allowing the company to borrow up to $3 billion to finance its reorganization plan. The $3 billion is a vital part of the giant oil company’s effort to extricate itself from Chapter 11 bankruptcy and would be one of the largest amounts ever made to a company emerging from that process. According to papers filed in bankruptcy court, 20 to 30 banks are involved in the negotiations for the loans. The loans would be made to Texaco, Texaco Refining & Marketing and Texaco Overseas Holding and would be secured by collateral.