A federal bankruptcy court in Dallas has...

A federal bankruptcy court in Dallas has approved a plan to convert the Hunt brothers’ Penrod Drilling Co. into a corporation that will be 50% controlled by the brothers’ creditor banks. The reorganization plan was filed on behalf of the William Herbert Hunt, Nelson Bunker Hunt and Lamar Hunt trust estates now in Chapter 11 bankruptcy. The move will not affect Penrod’s operations, according to a statement released by Hunt Energy Corp. Penrod had never been placed in bankruptcy. All stock in the new corporation will be controlled for the trusts and the banks by three voting trustees, who will work as a Penrod board of directors.