Edge Petroleum disclosure statement approved: plan hearing Dec. 11

By Alice Popovici

New York, Nov. 10 - Edge Petroleum Corp.'s disclosure statement for its plan of reorganization was approved by the U.S. Bankruptcy Court for the Southern District of Texas, according to a Tuesday filing.

A plan confirmation hearing is scheduled for Dec. 11.

As previously reported, Creditor treatment will include:

• Holders of administrative claims and priority claims will be paid in full in cash;

• Holders of the Union secured claims will receive sale proceeds;

• Holders of other secured claims will either be paid in full in cash or receive the collateral securing the claim;

• Holders of general unsecured claims will receive a share of the gifted sale proceeds amount and cash proceeds from the resolution of avoidance actions; and

• Interest holders will receive no distribution.

Edge is a Houston-based oil and natural gas company. Its Chapter 11 case number is 09-20644.

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