EP Energy emerges from Chapter 11 with $4.4 billion less debt

Chicago, Oct. 1 – EP Energy Corp. announced that the company has emerged from Chapter 11 bankruptcy, according to a press release.

As previously reported, the company has reported a $4.4 billion reduction in its debt.

The company has also closed on a new $629 million senior secured reserve-based loan facility from its existing revolving loan lenders.

The three-year revolver is backed by a $650 million borrowing base supported by the company’s oil and gas reserves.

The company is moving forward with $200 million of liquidity and approximately $400 million of debt net of unrestricted cash.

The company has a new board of directors, but the management team remains in place.

Weil, Gotshal & Manges LLP worked as the company’s counsel. Evercore is the financial adviser and FIT Consulting, Inc. is the restructuring adviser.

The oil and natural gas exploration and production company is based in Houston. The company filed bankruptcy on Oct. 3, 2019 under Chapter 11 case number 19-35654.

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