Energy XXI restructuring support deal amendment extends milestones

By Caroline Salls

Pittsburgh, July 5 – Energy XXI Ltd. entered into a second amendment that modifies some of the case milestones set in the restructuring support agreement with holders of Energy XXI Gulf Coast, Inc.’s 11% senior secured second-lien notes due 2020, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

Specifically under the amendments, the company must obtain court approval to assume the restructuring support agreement by July 29, must obtain approval of the disclosure statement for its Chapter 11 plan by July 15 and must obtain confirmation of the plan by Sept. 2.

The amendment also requires Energy XXI to begin soliciting votes on the plan within five days of the entry of the disclosure statement order.

The plan must take effect by Sept. 16.

Energy XXI, an independent oil and natural gas development and production company based in Houston, filed for bankruptcy on April 14 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 16-31928.

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