CDX Gas Goes Bankrupt

CDX Gas, an oil and exploration company owned by TCW/Latin America Partners, has filed for Chapter 11 bankruptcy protection. The filing will allow the company to restructure its finances and develop a reorganization plan with its creditors after defaulting on debt payments. CDX listed its assets and debts between $500 million and $1 billion. In August, CDX Gas retained Credit Suisse Securities and Jefferies Randall & Dewey to help explore strategic options, including the sale of all or parts of the company.