Natural Gas Co. CDX Heads For Ch. 11

Law360, New York (December 15, 2008, 12:00 AM EST) -- Harboring debts of more than $500 million, Texas-based oil and natural gas company CDX Gas LLC and certain affiliates have filed for Chapter 11 protection.

CDX has pledged that the voluntary petition, filed on Friday in the U.S. Bankruptcy Court for the Southern District of Texas, will not affect its day-to-day business and has already won an emergency motion that enables it to keep paying out employee wages and salaries.

“The company will continue normal business operations throughout the bankruptcy process while it develops a reorganization...
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