Energy XXI reorganization plan to be approved by court

The United States Bankruptcy Court for the Southern District of Texas, Houston Division has indicated that it will confirm the reorganization plan of Energy XXI Ltd. (OTCMKTS:EXXIQ) and issue a written ruling and confirmation order to that effect. Energy XXI expects to complete its financial restructuring process and emerge from Chapter 11 before the end of the calendar year, after the conditions to the Plan are satisfied.

The plan is unanimously supported by all of the company's key creditor constituencies, including holders of the company's secured second lien 11.0% notes, the Official Committee of Unsecured Creditors, the ad hoc group of holders of certain unsecured notes issued by Energy XXI Gulf Coast Inc. and the ad hoc group of holders of certain unsecured notes issued by EPL Oil & Gas Inc., the company's first lien lenders and the indenture trustee for the company's senior convertible notes. The plan is also supported by the Official Committee of Equity Security Holders. The plan will eliminate more than $3.6 billion of debt from the company’s balance sheet.

PJT Partners LP is serving as Energy XXI's financial advisor, Opportune LLP is serving as Energy XXI's restructuring advisor, and Vinson & Elkins LLP is serving as Energy XXI's legal advisor.

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