The Houston-based energy firm, filed for protection under the Chapter 11 Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, after signing a financial restructuring agreement with a certain number of its senior lenders that aims to reduce its debt by more than $2.8 billion and provide extra financial flexibility. “We determined that entering these agreements and implementing them through a court-supervised process is the best course of action for Energy XXI.” Chief Executive John Schiller said. The restructuring plan, agreed with more than 63% of its secured second lien notes with an 11% interest rate, eliminates substantially all of the company’s indebtedness other than a first lien reserve based loan facility. Energy XXI, which was founded in 2005 and grew through a series of U.S. acquisitions in Louisiana and the Gulf of Mexico, expects its operations to continue as normal throughout […]