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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...