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 / Bonds / Energy

Energy & Exploration Partners Chapter 11 Petition Filed

Energy & Exploration Partners and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 15-44931. The Company, which is focused on the acquisition, exploration and development of unconventional oil and gas resources, is represented by William A. (Trey) Wood, III of Bracewell & Giuliani. The Company has secured commitments for up to $135 million of new debtor‐in‐possession financing from a group of its existing senior lenders. According to a corporate release, "The Company remains in ongoing, productive dialogue with its creditors and other stakeholders regarding the terms of the restructuring." This Chapter 11 filing converts the previously-filed involuntary petition for ENXP Operating, LP (filed by certain vendors) to voluntary status. "We have taken this difficult, but necessary step in order to provide adequate time to complete ongoing discussions and processes with our lenders to restructure our balance sheet and create a strong financial foundation for the future," comments Hunt Pettit, Energy & Exploration Partners' founder and chief executive officer. Prior to the Chapter 11 filing, the Company initiated a reduction in staffing to match personnel levels with expected activity levels in the current commodity price environment, and several senior executives also resigned. Concurrent with the bankruptcy announcement, the Company also welcomed AlixPartners' John Castellano as interim C.F.O.

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