U.S. Bankruptcy Judge Harold Abramson will allow...

U.S. Bankruptcy Judge Harold Abramson will allow banks to file their own plan of debt reorganization for Placid Oil Co.--one of the largest independent oil firms--to satisfy its $803-million bank debt. But the judge stopped short of permitting the banks to actively seek bids for Placid, which is owned by the Hunt brothers of Dallas. The banks have requested that they be allowed to use Shearson Lehman Bros., a New York investment banking firm, to find a buyer for Placid. But the suggestion was declined by Abramson, who said solicitation without the support of Placid would only drive down the bid price.