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Energy XXI Extension Sought

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Energy XXI filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 11, 2016 and December 11, 2016, respectively.

The motion explains, “The Debtors are currently on track to achieve their restructuring goals of eliminating substantially all of their funded indebtedness on an accelerated basis and emerging from chapter 11 better positioned to weather the challenges facing their offshore competitors. The Debtors’ Proposed Joint Chapter 11 Plan of Reorganization provides for a recovery for a number of stakeholders, including general unsecured creditors.”

The motion continues, “The Debtors are scheduled to commence the hearing on the confirmation of the Plan of September 13, 2016 and expect to have the support of the First Lien Agent and the Steering Committee, the Ad Hoc Committee of Second Lien Noteholders, and certain other important stakeholders. The Debtors are cautiously optimistic that they will also have the support of the Official Committee of Unsecured Creditors appointed in these chapter 11 cases by that time and are hopeful they can reach a global compromise that all parties in interest support. In an abundance of caution, however, the Debtors seek an extension of the exclusivity periods in which the Debtors may file and solicit acceptances of a chapter 11 plan of reorganization. The Debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to finalizing the value-maximizing restructuring contemplated by the Plan. Extending the exclusivity periods will afford the Debtors and their stakeholders time to confirm the Plan, finalize the transactions contemplated thereby, and proceed toward emergence from bankruptcy in an efficient and organized fashion.”

The Court scheduled an August 11, 2016 hearing on the motion. Read more energy bankruptcy news.

The post Energy XXI Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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