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Endeavour International Plan Filed

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Endeavour International (EIC) filed with the U.S. Bankruptcy Court an Amended Joint Plan of Reorganization and a related Proposed Disclosure Statement. According to the Disclosure Statement, “Reorganized EIC will issue New Preferred Stock with an aggregate liquidation preference of $237.5 million convertible into 16,160,375 shares of New Common Stock (equal to 80.3% of Reorganized EIC’s fully-diluted common stock). Reorganized EIC will also issue 3,964,625 primary shares of New Common Stock (representing 19.7% of Reorganized EIC’s fully-diluted common stock). The value of recoveries for holders of Voting Claims will depend on the actual value of the New Preferred Stock and New Common Stockā€¦.It is projected that the Debtors and the Debtors’ Non-Debtor Affiliates will emerge with $335.0 million of net debt ($440.0 million EEUK Term Loan less $105.0 million of restricted cash held to collateralize LC obligations) at its U.K.-based affiliates and $262.5 million of debt issued by Reorganized EIC for a total of $597.5 million of total net debt at emergence. Accordingly, based on the range of the Reorganized Company TEV considered among the Debtor and the RSA Parties, the net equity value of the Reorganized Debtors and their Non-Debtor Affiliates immediately post-Effective Date would range between approximately $277.5 million and $502.5 million.” For more information on END, visit BankruptcyData.com.