Endeavour International : restructuration de la dette…

La compagnie pétrolière Endeavour International Corp a effectué une restructuration de sa dette, les détenteurs d’obligation ont été rasés de près de 50% et les actions ont été complètement annulées !

On Oct.10, 2014 Endeavour International Corp. (The Company) has filed Chapter 11 to implement a reorganization plan which will reduce its existing debt by approximately USD 568,000,000, and cancellation of all its existing notes which will reduce its annual interest burden by 43%.

As a part of plan, the reorganized Company would issue approximately (a) USD 262,500,000 of new 9.75% notes (b) USD 237,500,000 of new 3.5% convertible preferred shares and (c) New common shares. 12% first priority note holders would be entitled to obtain complete 9.75% new notes and a portion of 3.5% new preferred shares. 12% second priority Note holders would be entitled for the remaining portion of preferred share and a portion of new issued common shares. The holders of 7.5% convertible bonds, 6.5% convertible notes and 5.5% convertible notes would receive remaining new issued common shares.

All of the Company’s existing equity securities, including its shares of common stock and preferred stock, will be cancelled, without receiving any distribution.

Mots-clés : endeavour;faillite