Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Energy

Endeavour International Case Dismissed

The U.S. Bankruptcy Court approved Endeavour International's (EOC) motion to dismiss its Chapter 11 proceedings. According to the order, "EOC is authorized to make distributions totaling $3.2 million in cash, the settlement payment, in full and final satisfaction of certain allowed unsecured claims including (i) to Kurtzman Carson Consultants, in an amount of $53,659.40…; (ii) to holders of guarantee claims against Debtors on account of $135 million in principal amount of 5.5% convertible notes due 2016 in the amount of $1,362,508.66; (iii) to holders of guarantee claims on account of $17.5 million in principal amount of 6.5% convertible notes due 2017 in the aggregate amount of $178,449.82 and (iv) to Wilmington Trust, in its capacity as indenture trustee for distribution to holders of the $150 million in principal amount of 12% notes due 2018, in the amount of $1,605,382.11..." As previously reported, the Company sold all of its U.S. oil and gas assets and, as part of a credit bit transaction, sold the equity in its U.K. subsidiaries. Following consummation of these sales, EOC had no business left to reorganize and nothing of value left in its estates. EOC explains, "Through dismissal, the Debtors seek to minimize the accrual of additional administrative expenses. The Debtors believe that the alternative to dismissal - conversion of these Chapter 11 cases to Chapter 7 of the Bankruptcy Code - is unwarranted because such conversion would create additional administrative expenses, unnecessarily reducing the recoveries of creditors." This independent oil & gas provider filed for Chapter 11 protection on October 10, 2014, listing $1.5 billion million in pre-petition assets.

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