Edge Petroleum Ducks Into Ch. 11 For Quick Sale

Law360, New York (October 2, 2009, 1:50 PM EDT) -- Wracked by losses and volatility in the energy markets, oil and gas producer Edge Petroleum Corp. has filed for bankruptcy protection with a prepackaged plan to sell virtually all of its assets for $191 million, substantially less than the $226.5 million in principal it has outstanding under a secured credit agreement.

Houston-based Edge and and five affiliates filed petitions for Chapter 11 protection on Friday in the U.S. Bankruptcy Court for the Southern District of Texas, listing total assets of about $264 million and total debts...
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