Edgenet Inc. filed for chapter 11 protection on Tuesday in an effort to safeguard the planned sale of the company during a fight among creditors, who are battling over how to split up the proceeds, Dow Jones Daily Bankruptcy Review reported today. Citing "the real likelihood that the sale process will be stymied due to the dispute" between secured creditors owed a combined $103 million, the Atlanta company sought bankruptcy protection to ease the sale of its business. Edgenet provides technology that supports the sale of goods and services across mobile devices, on the web and in stores. No committed buyer has been signed up yet, but Edgenet Chief Financial Officer Juliet Reising said in court papers that the company is in "serious discussions with possible purchasers" and "strongly" believes a purchaser will be identified soon to lead a bankruptcy auction.
