Wright Energy filed a plan of reorganization.

Earlier this week, the ailing Newport Beach oil exploration company asked the U.S. Bankruptcy Court in Santa Ana for permission to borrow up to $5.3 million from an unnamed Orange County mortgage company. However, Wright's major creditors, Barclays Bank International and Los Angeles-based Whittaker Corp., are asking the court to liquidate Wright. Wright owes Barclays about $14.2 million and Whittaker about $10 million. A hearing is set for April 10. Wright is also suing Whittaker for failing to merge with or acquire the tiny oil company and its Kentucky oil fields.

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