Rex Energy Files for Bankruptcy, Plans to Sell Remaining Assets

Rex Energy Corp. filed for bankruptcy protection and said it will sell all its remaining assets as the combination of high leverage and volatile prices claimed another victim.

The energy exploration and production company based in State College, Pa., sought protection from creditors with the U.S. Bankruptcy Court for the Western District of Pennsylvania, Rex said in a statement. The company’s bankers and holders of its 2020 bonds had been trying to work out a rescue plan for seven months, according to Chief Executive Officer Tom Stabley, and it missed an April 2 interest payment. Total debt was $879.8 million ...