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Energy XXI RSA Amended

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Energy XXI filed with the U.S. Bankruptcy Court a fifth amendment to its restructuring support agreement (RSA). According to documents filed with the Court, the Court must approve the RSA no later than October 7, 2016, and both the RSA must be assumed and the Court must commence a confirmation hearing by no later than October 13, 2016. In addition, the Court must confirm the Plan no later than October 27, 2016.

The amended RSA further notes, “Changes to Current Plan Treatment: Trade Claims Settlement Distribution increases from $0.75 to $0.90, General Unsecured Claims Distribution increases from $410,000 to $850,000. Each holder of a Second Lien Notes Claim receives such holder’s Pro Rata share of: on account of such holder’s Secured Second Lien Notes Claim, (a) on the Effective Date, 86.9% of the New Equity under the Plan, subject to dilution by the Management Incentive Plan and (b) the EGC Intercompany Note Trust Distribution…if applicable; on account of such holder’s Second Lien Notes Guaranty Claim and based on the value of purportedly unencumbered assets at EXXI (net of administrative expenses), on the Effective Date, 0.7% of the New Equity under the Plan, subject to dilution by the Management Incentive Plan; and on account of such holder’s Second Lien Notes Deficiency Claim and based on the value of purportedly unencumbered assets at EGC and the other grantors under the Second Lien Notes (net of administrative expenses), (a) on the Effective Date, 0.2% of the New Equity under the Plan, subject to dilution by the Management Incentive Plan and (b) the EGC Intercompany Note Trust Distribution, if applicable. Each holder of an EGC Unsecured Notes Claim receives such holder’s Pro Rata share of: on account of such holder’s EGC Unsecured Notes Guaranty Claim and based on the value of purportedly unencumbered assets at EXXI (net of administrative expenses), on the Effective Date, 0.3% of the New Equity, subject to dilution by the Management Incentive Plan; based on the value of purportedly unencumbered assets at EGC and the other grantors under the Second Lien Notes (net of administrative expenses), on the Effective Date, 0.1% of the New Equity under the Plan, subject to dilution by the Management Incentive Plan; and the EGC Intercompany Note Trust Distribution.”

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