Endeavour seeks four-month exclusivity extension to address oil prices

By Kali Hays

New York, Feb. 9 – Endeavour International Corp. asked the U.S Bankruptcy Court for the District of Delaware for a 120-day extension of its exclusive plan filing and solicitation periods, according to a Friday motion.

Endeavour asked that its plan filing period be extended through June 8 from Feb. 9 and its solicitation period to Aug. 6, 2015 from April 8.

Due to the “continuing drop in oil and gas prices,” Endeavour said it needs extra time to “further evaluate the financial impact of the recent industry downturn” on its business plan and restructuring support agreement, according to the motion.

As previously reported, the company delayed its confirmation hearing indefinitely on Feb. 3.

“To address current industry conditions, the debtors have initiated discussions with, among others, the consenting creditors and their advisors and the advisors to the committee regarding potential modifications to the proposed plan and the restructuring support agreement. Although these discussions are only in the preliminary stages, the debtors are encouraged by the parties’ willingness to engage on key issues,” the motion stated.

A hearing is set for March 11.

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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