“Endeavour Pivots To Ch. 11 Sale Over Oil Price Drop”
Endeavour Operating Corp. ditched a prenegotiated $568 million debt-cutting strategy blown up by plunging energy prices, announcing new restructuring plans on Wednesday to auction its U.S.-based exploration and production assets out of bankruptcy.
The bankrupt exploration firm’s decision to pursue a sale of “all of a portion” of its U.S. properties marks a dramatic about-face from the stand-alone restructuring envisioned when its lawyers filed for Chapter 11 in October with a prepackaged creditor deal in place.
The unsecured creditors committee is represented by Neil B. Glassman, Scott D. Cousins and Evan T. Miller of Bayard PA and David M. Bennett and Cassandra Sepanik Shoemaker of Thompson & Knight LLP.