Bankrupt EdgeMarc Energy Holdings LLC plans to sell its gas drilling operations in Pennsylvania for about $70 million, continuing to shed assets in its Chapter 11 liquidation.
KeyBank National Association, which provided a debtor-in-possession bankruptcy loan to EdgeMarc, won the auction to buy the operations in Butler County, Pa., where the debtor company controls about 32,000 acres.
KeyBank will apply $60 million of debt it’s owed to the sale price, and also will pay about $9.7 million in cash, according to a sale notice filed Jan. 24 with the U.S. Bankruptcy Court for the District of Delaware.
EdgeMarc, based in ...
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