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EP Energy Wins Court Approval to Exit Bankruptcy

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   |    Friday,March 06,2020

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

 


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