Edge Petroleum 1st-Day Motions Ready It For Sale

Law360, New York (October 8, 2009, 2:51 PM EDT) -- Bankrupt oil company Edge Petroleum Corp. has won approval of several first-day motions in its Chapter 11 bankruptcy case, positioning the company to sell itself as part of its prepackaged reorganization plan.

Judge Richard Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas granted the motions on Oct. 5, which also gave interim approval for Edge to maintain its cash management systems and for the use of its cash collateral, the company said in a statement Wednesday.

The company is aiming to sell...
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