Friday, November 18, 2016

Energy XXI Confirmation Hearing Set for December 13

"The Confirmation Hearing will commence before the Honorable David R. Jones, Chief Bankruptcy Judge for the Southern District of Texas, Houston Division at the United States Courthouse, Room 400, 515 Rusk Street, Houston Texas 77002 on December 13, 2016 at 9:00 a.m. (Central Time) and will continue from day-to-day thereafter on dates that are convenient for the Court."


CP said...

Additionally, in accordance with the PSA, the Debtors agreed to implement the restructuring transactions contemplated by the PSA on the following timeline (the “Milestones”):
• no later than December 15, 2016, the Bankruptcy Court will have commenced the Confirmation Hearing;
• no later than December 31, 2016, the Bankruptcy Court will have entered the order confirming the Plan (the “Confirmation Order”); and
• no later than January 31, 2017, the date that Debtors will consummate the transactions contemplated by the Plan (the date of such consummation, the “Effective Date”) will have occurred.

CP said...

A cash recovery to holders of the claims arising from 3.0% Senior Convertible Notes (the “3.0% Senior Convertible Notes Claims”) and a corresponding increase in the estimated percentage recoveries for holders of the 3.0% Senior Convertible Notes Claims to approximately 0.5%.

CP said...

The dissolution of Energy XXI Ltd will be completed under the laws of Bermuda following the confirmation of the Plan by the Bankruptcy Court, and, given that it is unlikely to have assets available for distribution, existing equity holders would not receive any distributions in respect of that equity in that dissolution.