Energy XXI restructuring support deal amendment extends milestones

By Caroline Salls

Pittsburgh, Aug. 1 – Energy XXI Ltd. entered into a third amendment to 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 Monday with the Securities and Exchange Commission.

The amendment extends the deadline for bankruptcy court approval of the assumption of the support agreement to Aug. 31, the deadline for the beginning of a plan confirmation hearing to Sept. 13, the deadline for confirmation of the plan to Sept. 23 and the deadline for the plan effective date to Oct. 7.

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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