Rex Energy Corporation is filing for bankruptcy after missing a payment to lenders in April.
In filings to the Security & Exchange Commission, the oil and gas company said it would be filing for Chapter 11 protection due to the default on the payment as well as Rex's failure to “timely deliver” financial statements to lenders and the company's “inadvertent” failures to provide lenders with accurate notices of the company's financial troubles.
The decision to file Chapter 11 came after the company was unable to negotiate an alternate restructuring with its stakeholders.
Rex is based in State College and owns facilities and shale gas wells in Butler County. It has been shedding assets since 2007, most recently selling non-operated oil and gas assets in Centre, Clearfield and Westmoreland counties.
A full story will appear in the Butler Eagle.