Endeavour noteholder forbearance agreement continues through Oct. 8

By Kali Hays

New York, Oct. 8 – Endeavour International Corp. entered into extended forbearance agreements with three noteholder groups that are set to expire at 11:59 p.m. PT on Oct. 8, according to a news release.

Specifically, the extensions are with holders of a majority of its 12% first priority notes due 2018, 12% second priority notes due 2018 and 6½ % convertible senior notes due 2016.

A prior forbearance agreement with the noteholders expired at 11:59 p.m. PT on Oct. 7.

As previously reported, Endeavour filed to make a Sept. 2 interest payment on the notes, triggering a 30-day grace period that ended Oct. 1.

With no payment made during the grace period, an event of default occurred under each set of notes.

According to the release, Endeavour is still engaged in discussion with noteholder representatives on a possible plan to restructure its debt.

Endeavour is a Houston-based oil and gas exploration and production company.

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