Tuesday, November 15, 2016

New Milestone Dates in Energy XXI Restructuring $EXXI

From the Plan Support Agreement filed November 14, 2016:

4. Milestones. Subject to Section 7, the Debtors shall implement the Restructuring Transactions on the following timeline (each deadline, a “Milestone”):
(a) no later than December 15, 2016, the Court shall have commenced the Confirmation Hearing;
(b) no later than December 31, 2016, the Court shall have entered the Confirmation Order; and
(c) no later than January 31, 2017, the Effective Date shall have occurred
Dockets for other restructurings we are following:


CP said...

Docket # 1645
Filed Nov 14 2016
Courtroom Minutes. Time Hearing Held: 4:00.

Appearances: Reese OConnor, Matthew Moran and David Meyer for the Debtor, Tristam Manthy, William Patrick and Adam Ravin for the Creditors Committee, Philip Anker for the Ad Hoc Group of EPL Noteholders, et al, Deirdre Brown and Ed Rothberg for the Equity Committee, Kelli Norfleet for Exxon Mobil, Harrison Denman for the Ad Hoc Group of EGC Unsecured Noteholders, Ana Alfonso for Wells Fargo Bank, N.A., Ashley Gargour Harper for Independent Director of Energy XXI Gulf Coast, Paul Ricotta and Todd Meyer for Wilmington Savings Fund Society, John Higgins for James Latimer, et al., Sam Khalil for the Ad Hoc Committee of Second Lienholders, Mark Hill, by phone, for Cheramie Marine, Cynthia Sparacino, by phone

Supplement to the Disclosure Statement is conditionally approved.

Motion to Amend Retention of counsel to the Special Committee of the Board [1632] approved.

Hearing on Motion of the Official Committee Of Equity Security Holders to Temporarily Allow Class Proof of Claim for Voting Purposes [1637] and Motion to Certify Equity Interest Owners of Energy XXI LTD as an Official Class and Approve the Equity Committees Claim as a Class Claim [1549] are scheduled for hearing on 12/1/2016 at 02:30 PM at Houston, Courtroom 400 (DRJ).

Confirmation hearing to be held on 12/13/2016 at 09:00 AM at Houston, Courtroom 400 (DRJ).

The parties are to submit a scheduling order to the Court.

Anonymous said...

Any new updates on Peabody?

Unsecured's are up and trading in the high 50's and equity seems to be staying at these elevated levels.

Can they push the timeline back again to submit a new plan past December? Seems like they just want to keep buying time and let the move in prices play out.

Anonymous said...

Unsecureds move into the 60's for peabody.

CP said...

Unsecureds 60 but subordinated note at 27.

Is somebody really going to cut a check to pay off the $8.3 billion of liabilities subject to compromise?

Anonymous said...

Took only ~ month for the unsecureds to go from the high 20's to the 60's.

If they can continue to push back the deadlines, seems like everything moves closer to ITM.

CP said...

I don't think management wants to run such an indebted company - that's why they filed for bankruptcy.