HOUSTON, Dec. 13, 2016 (GLOBE NEWSWIRE) — Energy XXI Ltd (OTCMKTS:EXXIQ) (“Energy XXI” or the “Company”) today announced that the United States Bankruptcy Court for the Southern District of Texas, Houston Division has indicated that it will confirm the Company’s Plan of Reorganization (the “Plan”) and issue a written ruling and confirmation order to that effect. The Company 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 strengthen the Company’s financial position by eliminating more than $3.6 billion of debt from its balance sheet, substantially deleveraging Energy XXI and positioning it for long-term success.
“The Court’s approval of our Plan paves the way for us to complete this financial restructuring process and emerge as an even stronger company,” said Energy XXI’s President and Chief Executive Officer John Schiller. “We will move forward with enhanced financial flexibility, allowing Energy XXI to capitalize on new opportunities and create value for our stakeholders.
Schiller continued, “It is a testament to the hard work of Energy XXI employees that we have continued to operate safely and efficiently throughout this process. We thank our business partners, vendors and customers for their support and look forward to continuing to work with them following our emergence.”
PJT Partners LP is serving as Energy XXI’s financial advisor, Opportune LLP is serving as Energy XXI’s restructuring advisor, and Vinson & Elkins L.L.P. is serving as Energy XXI’s legal advisor.
Additional information is available on Energy XXI’s website at http://www.energyxxi.com/restructuring or by calling Energy XXI’s Restructuring Hotline, toll-free in the U.S., at (844) 807-7712. (For calls originating outside the U.S., please dial (503) 520-4464). In addition, court filings and other documents related to the reorganization proceedings are available on a separate website administered by Energy XXI’s claims agent, Epiq Systems, at http://dm.epiq11.com/EnergyXXI