Endeavour confirmation hearing cancelled; amendments to plan possible

By Kali Hays

New York, Feb. 4 – Endeavour International Corp.’s hearing to confirm its proposed Chapter 11 plan of reorganization scheduled for Feb. 9 has been adjourned indefinitely, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Endeavour said that due to the recent decline in oil and gas prices, it has “engaged in discussions with certain consenting creditors and the advisers to the official committee of unsecured creditors concerning the impact of such price declines on the proposed plan and potential amendments to the restructuring support agreement and the plan.”

As previously reported, the court approved the plan disclosure statement on Dec. 22.

The plan is based on the company’s approved restructuring and support agreement entered into on Oct. 10 with holders of more than two-thirds of its notes.

According to the disclosure statement, the plan provides for the reduction of about $598 million of Endeavour’s existing debt and about 43% of its annual interest obligations.

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 on Oct. 10 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 14-12308.

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