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Pa. Energy Co. EdgeMarc Files Ch. 11 With Plans To Sell

Law360 (May 15, 2019, 6:59 PM EDT) -- Pennsylvania-based oil and gas company EdgeMarc Energy Holdings LLC filed for Chapter 11 bankruptcy on Wednesday with $78 million in secured debt and plans to sell off its assets at auction, blaming an explosion and disagreements with a pipeline company for its downfall.

In a first-day declaration, EdgeMarc CEO Callum Streeter said things had been going fine for his business until last fall, when, "due to factors entirely outside of the debtors' control," an explosion rocked a length of pipeline in a system being built for EdgeMarc by ETC Northeast Pipeline LLC.

Streeter said the Revolution pipeline and gathering system would have...

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