PE-Backed CDX Gas Files for Chapter 11

NEW YORK (Reuters) – Oil and gas exploration company CDX Gas LLC has filed for Chapter 11 bankruptcy protection, according to court documents.

The company and some of its affiliates filed for creditor protection on Dec. 12, allowing it to restructure its finances and operations after it defaulted on debt payments, according to court documents filed on Friday.

CDX said in a statement that it planned to continue normal business operations while it developed a reorganization plan with its senior and junior secured lenders, as well as its senior subordinated note holders, to restructure debt and to resolve liquidity issues.

The Houston-based company listed both assets and debts of between $500 million and $1 billion in its bankruptcy petition.

CDX is an independent gas company focused on the exploration, development, and production of onshore North American unconventional natural gas resources located in coal, shale, and tight gas sandstone formations.

The case is In re CDX Gas LLC, U.S. Bankruptcy Court, Southern District of Texas (Houston), No. 08-37922. (Reporting by Chelsea Emery)