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 XXI Plan Effective

Energy XXI's Second Amended Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 13, 2016. According to a corporate release, Energy XXI has substantially improved its financial position by eliminating more than $3.6 billion of debt from its balance sheet. BankruptcyData's detailed Plan Summary notes, "The Restructuring Support Agreement contemplates the following. Reorganized EGC41 becomes the New Parent and issues New Equity and on the Effective Date, new common stock in EGC will be issued and distributed, and the New Parent will hold substantially all of the assets of Energy XXI and its subsidiaries. Second Lien Noteholders receive the New Equity." Energy XXI's president and C.E.O., John D. Schiller, Jr., notes, "Today, Energy XXI is a stronger company, and we are focused on operating efficiently and utilizing our financial flexibility and strong competitive position to create sustainable, long-term value." In accordance with the Plan, Energy XXI Gulf Coast, Inc. (EGC), as successor to Energy XXI, appointed a new board, consisting of Michael S. Reddin (chairman), Michael S. Bahorich, George Kollitides, Steven Pully, John D. Schiller, Jr., James W. Swent III and Charles W. Wampler. Effectively immediately, Energy XXI's common stock will cease trading on the OTC Market. EGC will have approximately 33 million shares outstanding after the reorganization issued pursuant to the Plan. This oil and natural gas property explorer filed for Chapter 11 protection on April 14, 2016, listing $4.7 billion in pre-petition assets.

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