May 15, 2019 / 10:17 PM / in 5 days

Pipeline explosion pushes gas producer EdgeMarc into bankruptcy

EdgeMarc Energy Holdings LLC sought Chapter 11 bankruptcy protection on Wednesday to sell some or all of its assets by mid-August after pausing production at recently-drilled natural gas wells following a pipeline explosion last fall.

Chief Executive Officer Callum Streeter in a filing in U.S. Bankruptcy Court for the District of Delaware said EdgeMarc, after consulting with its professionals, including the Davis Polk & Wardwell and Landis Rath & Cobb law firms, concluded an auction is the “best, and may be the only, means of maximizing the value of the debtors’ estates for all stakeholders.”

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