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Wall Street Journal is reporting that E&P Energy has won approval to exit bankruptcy, reducing its debt by $3.3 billion. The deal would see Apollo Global and Elliott Management become controlling shareholders.
JP Morgan and Fidelity Management and other bondholders said they were underpaid to the tune of $178 million according to the WSJ.
It is said that Apollo and Elliott would be buying EP Energy equity through a $475 million rights offering which would include cash and debt forgiveness.
Operational,
E&P energy continues to operate 2 rigs in the Uinta Basin project.
Production By Area
Permian : 27,340 Mboe/d
Uinta : 24,Mboe/d
Related Categories :
Bankruptcy / Restructure Update
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