Edge Petroleum (EPEX) Announces Sale of Substantially All of Its Assets
Edge Petroleum Corporation (Nasdaq: EPEX) announced that it and each of its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division.
As part of its restructuring, the Company has reached an agreement with a group of the Company's senior secured lenders pursuant to which the Company intends to sell substantially all of its assets to a third party. The Assets comprise all of the Company's ownership interest in its direct and indirect subsidiaries, including Edge Petroleum Exploration Company, Miller Exploration Company, Edge Petroleum Operating Company, Inc., Edge Petroleum Production Company and Miller Oil Corporation.
As part of its restructuring, the Company has reached an agreement with a group of the Company's senior secured lenders pursuant to which the Company intends to sell substantially all of its assets to a third party. The Assets comprise all of the Company's ownership interest in its direct and indirect subsidiaries, including Edge Petroleum Exploration Company, Miller Exploration Company, Edge Petroleum Operating Company, Inc., Edge Petroleum Production Company and Miller Oil Corporation.
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