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Death Watch: Edge Petroleum Warns It May File Bankruptcy
In an 8-K filed yesterday, Edge Petroleum announced what many had known for a long time, that it may filed for Chapter 11. Earlier the company had hired restructuring law firm Akin Gump to advise on financial and strategic alternatives. On January 8 credit facility agent Bank of California essentially pulled the plug on the company when it lowered Edge's borrowing base to $125 from $240 million, which immediately put it in technical default as its L/Cs and outstanding were higher than the borrowing base by $114 million.
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