Newly named Endeavour committee eyes statement hearing continuation

By Caroline Salls

Pittsburgh, Dec. 15 – Endeavour International Corp.’s official committee of unsecured creditors asked the U.S. Bankruptcy Court for the District of Delaware to continue the hearing on approval of the company’s disclosure statement, according to a Friday court filing.

Specifically, the committee asked the court to continue the hearing to no sooner than Jan. 5 from Dec. 17.

The committee said it was appointed at 5:20 p.m. ET on Dec. 11, after the 4 p.m. ET deadline for objecting to the disclosure statement.

According to the motion, the committee’s attorneys requested an adjournment of the hearing date and related deadlines to give the creditor group time to evaluate the disclosure statement and fulfill its fiduciary duties.

However, the committee said Endeavour would only agree to a one-day extension of the objection deadline and not to an adjournment of the hearing.

“Based upon the very limited information currently available to it,” the committee said in a preliminary objection filed Friday that it believes that the disclosure statement fails to value the equity in the reorganized Endeavour debtors, which is to be distributed as plan currency.

The committee also said the disclosure statement fails to provide justification for the disparate classification and treatment of apparently legally identical claims and provides a deficient liquidation analysis.

Endeavour is a Houston-based oil and gas exploration and production company focused on the North Sea and the United States. The company filed for bankruptcy Oct. 10 under Chapter 11 case number 14-12308.

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