EV Energy Partners’ plan confirmed; June 4 effective date targeted

By Caroline Salls

Pittsburgh, May 18 – EV Energy Partners, LP’s pre-packaged plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware on Thursday, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company said it is targeting a plan effective date of June 4 or sooner.

As previously reported, EV Energy entered into a restructuring support agreement with holders of its 8% senior notes due 2019 and lenders under its reserve-based lending facility.

The support agreement was also signed by EnerVest, Ltd. and EnerVest Operating, LLC, as they will continue to provide services to EV Energy.

The plan contemplates the equitization of all the company’s senior notes and the entry into an amended reserve-based lending facility.

Suppliers, customers and other holders of general unsecured claims will be paid in full in the ordinary course of business and otherwise be unimpaired.

Existing unit holders will receive 5% of the reorganized equity, subject to dilution, and five-year warrants for up to 8% of the reorganized equity.

Holders of general unsecured claims will be paid in full in cash or receive other agreed treatment.

EV Energy is a Houston-based master limited partnership that acquires and develops oil and natural gas properties. The company filed bankruptcy on April 2 under Chapter 11 case number 18-10814.

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