Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Energy XXI Files Chapter 11 Bankruptcy
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GOM-focused Energy XXI Ltd. has filed for bankruptcy (press release available below).
In March, the company deferred its interest payment, citing a $3.6B debt burden.
The company holds assets in the Gulf of Mexico and is one of the largest publicly-traded independent producers in the region.
The company had planned a 2016 capital budget of $130-150 million, a mere fraction of their actual 2015 spend of $680 million.
Energy XXI Assets:Enlarge Image
Energy XXI AnnouncementThrough the Chapter 11 restructuring, Energy XXI will eliminate more than $2.8 billion in debt from its balance sheet, substantially deleverage its capital structure and position the Company for long-term success. The RSA eliminates substantially all of the Company's prepetition funded indebtedness other than its…
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