Endeavour plan disclosure statement hearing adjourned until Dec. 22

By Kali Hays

New York, Dec. 17 – Endeavour International Corp.’s hearing to consider approval of the disclosure statement related to its proposed plan of reorganization has been pushed to Dec. 22 from Dec. 17, according to a Wednesday notice with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Endeavour’s recently appointed committee of unsecured creditors asked that the hearing be delayed to allow it time to evaluate the disclosure statement and fulfill its fiduciary duties.

In a preliminary objection filed Dec. 12, the committee said that it believes the disclosure statement fails to value the equity in the reorganized Endeavour debtors, which is to be distributed as plan currency, “based upon the very limited information currently available.”

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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