Credit Problems Grow For Cash-Poor Crusader Energy

Law360, New York (March 27, 2009, 12:00 AM EDT) -- Days after warning that it may have to seek bankruptcy protection, oil and gas drilling company Crusader Energy Group has revealed further evidence of its mounting liquidity problems by notifying investors that it has declined to make its first payment in a debt workout deal with certain creditors.

On Thursday, the Oklahoma City-based company said in a filing with the U.S. Securities and Exchange Commission that it has opted not to pay a first installment of $833,000 on a repayment plan intended to cure a deficiency...
To view the full article, register now.