Private Equity | Bankruptcy / Restructure Update | Capital Markets
EP Energy Bankruptcy Exit Plan in Limbo
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Wall Street Journal is reporting that Apollo and others who, on March 6, agreed to finance the exit of EP Energy from bankruptcy for $475 million is backing away from the deal.
What is truly interesting about this deal is that EP Energy would exit bankruptcy with more than $1.6 billion in debt and a the reduction in commodity prices would definately put a dent in the companies ability to pay service the debt.
The report has also said that Apollo and Elliott Management was not happy with the court order, which said the senior bondholders were underpaid by $178 million under the bankruptcy plan.
This could also simply be a strategy by Apollo and Elliott to acquire the company for even less and wringle more concessions through the bankruptcy court.
EP Energy continues to operate 2 rigs in…
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