Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Eagle Ford Operator Files Bankruptcy
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EP Energy Corp. has voluntarily filed petitions for chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas.
EP Energy intends to use this process to reduce its debt significantly, strengthen its balance sheet and better position the Company for the long-term.
The company has some $4.6 billion net debt as of the end of the 2nd quarter and is backed by private equity giant Apollo.
Drilling and completion activity has come to almost a halt, with the company dropping rigs in all areas in except
Drilling Activity Completion ActivityPresident and Chief Executive Officer Russell Parker, said, "This process will allow us to pursue a significant reduction of our debt in order to enhance EP Energy's long-term competitive position. Our business operations are…
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