Crusader Files For Ch. 11 After Defaulting On Debt

Law360, New York (March 30, 2009, 12:00 AM EDT) -- Oil and gas company Crusader Energy Group Inc. filed for bankruptcy protection Monday after declining to make its first payment in a debt workout deal with certain creditors.

In a Chapter 11 petition lodged with the U.S. Bankruptcy Court for the Northern District of Texas, Crusader listed assets of about $750 million and debts of about $326 million as of Sept. 30.

The Oklahoma City-based company also listed between 10,000 and 25,000 creditors.

“It's unfortunate that a series of unrelated events resulted in the company seeking...
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