Energy XXI’s ad hoc committee of equity interest holders filed with the U.S. Bankruptcy Court an emergency motion to appoint an official committee of equity holders. The motion explains, “The Debtors have filed a plan and disclosure statement which provides for complete elimination of all equity interest holders. Approval of the plan is currently on a fast track. The deadline to object to the disclosure statement is June 17, 2016. A hearing to approve the disclosure statement is set for June 23, 2016. The members of the Ad Hoc Equity Committee are individual investors who do not have the means to contest total elimination of their investments. The only way for them to gain adequate representation is for the Court to appoint an official equity holders committee which can represent all of the equity holders and which must be paid for by the Debtors.” Read more energy bankruptcy news.
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