OKLAHOMA CITY (AP) - Crusader Energy Group Inc. has filed for
bankruptcy protection after being hurt by tight credit markets and falling prices for oil and natural gas.
The Oklahoma City-based company went public nine months ago. Crusader and seven of its affiliates sought Chapter 11 relief from its creditors in U.S. Bankruptcy Court in Dallas on Monday.
In its filing, the company listed $750 million in assets and about $326 million in debts as of Sept. 30.
Chief Executive Officer David Le Norman says the company will maintain operations while continuing to examine "strategic alternatives," including a potential sale of some or all the company's assets.
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