Friday, December 30, 2016

"Energy XXI Successfully Completes Financial Restructuring" $EXXIQ

HOUSTON, Dec. 30, 2016 -- Energy XXI Ltd (“Energy XXI” or the “Company”) today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through this process, Energy XXI has substantially improved its financial position by eliminating more than $3.6 billion of debt from its balance sheet.

Effectively immediately, Energy XXI common stock will cease trading on the OTC Market.

3 comments:

CP said...

https://globenewswire.com/news-release/2016/12/30/902387/0/en/Energy-XXI-Successfully-Completes-Financial-Restructuring.html

CP said...

On December 13, 2016, the Bankruptcy Court entered an order (the “Confirmation Order”) pursuant to the Bankruptcy Code, which approved and confirmed the Plan as modified by the Confirmation Order. The Debtors expect to emerge from the Chapter 11 Cases on December 30, 2016.

As a result of the Chapter 11 Cases and EXXI Ltd’s parallel proceedings to wind up and dissolve under the laws of Bermuda pursuant to the Plan, the Registrants have terminated all offerings of their securities pursuant to their existing registration statements, including the Registration Statement. Accordingly, by means of this Post-Effective Amendment, the Registrants hereby terminate the effectiveness of the Registration Statement and, in accordance with an undertaking made by the Registrants in Part II of the Registration Statement to remove from registration, by means of a post-effective amendment, any securities that had been registered for issuance but remain unsold at the termination of the offering, removes from registration any and all securities registered but unsold under the Registration Statement as of the date hereof.

https://www.sec.gov/Archives/edgar/data/1343719/000114420416141851/v455982_posam.htm

CP said...

NOTICE OF (I) ENTRY OF ORDER CONFIRMING THE SECOND AMENDED PROPOSED JOINT CHAPTER 11 PLAN OF REORGANIZATION AND (II) OCCURRENCE OF EFFECTIVE DATE

PLEASE TAKE FURTHER NOTICE that the Effective Date of the Plan occurred on
December 30, 2016.