EP Energy Corporation
Case No. 19-35654
On October 3, 2019, EP Energy announced that it has voluntarily filed petitions for chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”).
EP Energy will continue to operate as normal throughout this process, and has sufficient liquidity to support its operations.
EP Energy intends to use this process to reduce its debt significantly, strengthen its balance sheet and better position the Company for the long-term.
The decision to undertake this financial restructuring followed a comprehensive review by a special committee of independent members of EP Energy’s Board of Directors as well as extensive discussions with the Company’s creditors. The Company recently entered a plan support agreement for a comprehensive restructuring with a number of its key creditors. This plan support agreement will facilitate a plan of reorganization that will considerably strengthen the Company’s balance sheet and provide the financial flexibility to continue building the business through the current market environment.
The EP Energy Board and management team are confident in the strength of the Company’s assets and future of its business.
EP Energy’s case has been assigned to Judge Marvin Isgur and Case No. 19-35654. The Docket can be accessed at https://cases.primeclerk.com/EPEnergy or through the website maintained by the United States Bankruptcy Court for the Southern District of Texas.
Additional resources for vendors, royalty owners, lessors and other stakeholders is available on EP Energy’s restructuring website at www.EPEnergyRestructuring.com. Information is also available by calling 877-502-9869 (toll-free in the U.S.) or 917-947-2373 (for calls originating outside the U.S.) or sending an email to EPEnergyinfo@primeclerk.com.
Important Information & Dates
A hearing on the Debtors' First Day Motions was held on October 4, 2019 at 11:00 a.m. (CT). A Final Hearing on Certain of the First Day Motions was held on November 7, 2019 at 1:30 p.m. (CT) before the Honorable Marvin Isgur, United States Bankruptcy Court for the Southern District of Texas (Houston Division), 515 Rusk Street, Courtroom 404, Houston, Texas 77002. Please click below to view and download the Debtors' First Day Motions and Orders:
FINAL ORDER ESTABLISHING NOTIFICATION PROCEDURES AND APPROVING RESTRICTIONS ON CERTAIN TRANSFERS OF STOCK OF DEBTORS
Upon the motion (the “Motion”) of EP Energy Corporation together with its debtor affiliates (the “Debtors”), the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), having jurisdiction over the chapter 11 cases of the Debtors, captioned as In re EP Energy Corporation, et al., Case No. 19-35654 (the “Chapter 11 Cases”), entered a final order, effective as of October 4, 2019, establishing procedures (the “Stock Procedures”) with respect to direct and indirect trading and transfers of stock of the Debtors.
The Stock Procedures restrict transactions involving, and require notices of the holdings of and proposed transactions by, any person or group of persons that is or, as a result of a proposed transaction, would become a Substantial Stockholder of the common stock issued by EP Energy Corporation (“Common Stock”). For purposes of the Stock Procedures, a “Substantial Stockholder” is any person or, in certain cases, group of persons that beneficially own, directly or indirectly (and/or owns options to acquire) at least 12,100,000 shares of Common Stock (representing approximately 4.75% of all issued and outstanding shares of Common Stock). Any transfer of the stock of the Debtors in violation of the Stock Procedures will be null and void ab initio and may lead to contempt, compensatory damages, punitive damages, or other sanctions being imposed by the Bankruptcy Court.
To view a copy of the Final Order, click here
Weil, Gotshal & Manges LLP
700 Louisiana Street, Suite 1700
Houston, TX 77002
Alfredo R. Perez
Weil, Gotshal and Manges LLP
767 Fifth Avenue
New York, NY 10153
Matthew S. Barr
Scott R. Bowling
David J. Cohen
United States Trustee and Court Information
United States Bankruptcy Court, Southern District of Texas
515 Rusk Avenue
Houston, TX 77002
Office of the United States Trustee
515 Rusk Street, Suite 3516
Houston, TX 77002
|Case Number||Debtor Name||Petition Date|
|Case Number 19-35654||Debtor Name EP Energy Corporation||Petition Date October 03, 2019|
|Case Number 19-35653||Debtor Name EPE Acquisition, LLC||Petition Date October 03, 2019|
|Case Number 19-35652||Debtor Name EP Energy LLC||Petition Date October 03, 2019|
|Case Number 19-35651||Debtor Name Everest Acquisition Finance Inc.||Petition Date October 03, 2019|
|Case Number 19-35650||Debtor Name EP Energy Global LLC||Petition Date October 03, 2019|
|Case Number 19-35649||Debtor Name EP Energy Management, L.L.C.||Petition Date October 03, 2019|
|Case Number 19-35648||Debtor Name EP Energy Resale Company, L.L.C.||Petition Date October 03, 2019|
|Case Number 19-35647||Debtor Name EP Energy E&P Company, L.P.||Petition Date October 03, 2019|