EV Energy Partners and 13 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 18-10801. The Company, which engages in the acquisition, development and production of oil and natural gas properties, is represented in Laura Davis Jones of Pachulski Stang Ziehl & Jones.
On March 14, 2018, the Company entered into a restructuring support agreement (RSA) with certain holders of approximately 70% of its 8.0% senior notes due 2019 and lenders holding approximately 94% of the principal amount outstanding under the Company’s reserve-based lending facility. The RSA contemplates a comprehensive restructuring of the Company’s capital structure via a prepackaged plan. The plan, which has not yet been filed with the Court, contemplates the equitization of all of the Company’s senior notes and the entry into an amended reserve-based lending facility with the Company’s existing lenders.
Michael Mercer, president and C.E.O., comments, “We believe that this provides the best path forward for our Company to reduce leverage, maintain access to liquidity and maximize value for all of our stakeholders. During the restructuring and upon emergence, we expect to have ample liquidity and do not anticipate the need for debtor-in-possession financing or other additional capital,.”
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