Energy XXI seeks exclusivity extension ahead of confirmation hearing

By Caroline Salls

Pittsburgh, July 20 – Energy XXI Ltd. is seeking an extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company asked the court to extend its exclusive filing period for 60 days through Oct. 11 and the solicitation period for 60 days through Dec. 10.

Energy XXI said the hearing on confirmation of its pre-packaged plan of reorganization is scheduled for Sept. 13.

The company expects to have the support of its first-lien agent and steering committee, an informal committee of second-lien noteholders and other important stakeholders for confirmation. The company said it is “cautiously optimistic” that it will also have the support of the official committee of unsecured creditors and it is hopeful it can reach a global compromise that all parties in interest support.

However, Energy XXI said it is seeking the exclusivity extension “in an abundance of caution.”

“Extending the exclusivity periods will afford the debtors and their stakeholders time to confirm the plan, finalize the transactions contemplated thereby, and proceed toward emergence from bankruptcy in an efficient and organized fashion,” the motion said.

A hearing is scheduled for Aug. 11.

Energy XXI, an independent oil and natural gas development and production company based in Houston, filed for bankruptcy on April 14 under Chapter 11 case number 16-31928.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.