Read the Full Press Release Below-
The Energy XXI debtors issued a press release this afternoon announcing that the company has completed its financial restructuring and emerged from chapter 11. Judge David Jones confirmed the debtors’ plan on Dec. 13. As noted in the press release issued shortly after the court’s decision on confirmation, the plan substantially deleveraged the company by eliminating more than $3.6 billion of debt from the debtors’ balance sheet.
The press release notes that in accordance with the plan, Energy XXI Gulf Coast, or EGC, as successor to Energy XXI, has appointed a new board of directors “consisting of Michael S. Reddin (Chairman), Michael S. Bahorich, George Kollitides, Steven Pully, John D. Schiller, Jr., James W. Swent III, and Charles W. Wampler.” In addition, the release also states that Energy XXI common stock will cease trading on the OTC market effective immediately and that EGC will have “approximately 33 million shares outstanding after the reorganization issued pursuant to the restructuring plan.” The company will continue to publicly file and looks to list on the OTCQB market, according to the announcement.
On Thursday evening, the debtors filed their fifth plan supplement, which provided a revised summary of the transaction steps contemplated by the plan along with final versions of the warrant agreement, the registration rights agreement, the transaction steps with respect to the restructuring, the 2016 long-term incentive plan and the new first lien exit facility.
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