Hibernia Corp., New Orleans, disclosed on Tuesday that it sold almost $500 million in loans and said it was in "serious discussions" to sell its Texas bank.

The troubled banking company said it was not certain the sale of its Texas franchise could be struck in time to avert an Oct. 31 default on an $85 million note owed to Chase Manhattan Corp. Although the company said it had paid off recent emergency loans from the Federal Reserve Bank of Atlanta, it conceded that its problems are not yet over.

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