Data Co. Edgenet Enters Ch. 11 Seeking Sale

Law360, Wilmington (January 15, 2014, 5:01 PM EST) -- Private equity-owned Edgenet Inc. sought protection in Delaware bankruptcy court Wednesday as the cash-strapped data technology company aims to continue its search for a suitor in Chapter 11.

Edgenet put itself on the market in July and had planned to continue with an out-of-court sale despite its subsequent failure to keep up with debt payments. Yet the company decided to enter bankruptcy after creditors began fighting over how to divvy up the proceeds, according to Chief Financial Officer Juliet Reising.

“This dispute has threatened to derail...
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