EP Energy Files For Chapter 11 Reorganization
(RTTNews) - EP Energy Corp. (EPEG.PK) announced Friday that it has voluntarily filed petitions for chapter 11 reorganization to pursue financial restructuring.
The filing, in the U.S. Bankruptcy Court for the Southern District of Texas, is expected to help the company reduce its debt significantly and strengthen its balance sheet.
EP Energy said it remains focused on capital efficiency, operational execution and operating its business in the normal course during the court-supervised process.
The company has reached an agreement in principle with a number of key creditors. It can use the cash on hand and cash flow generated by the Company's ongoing operations to support the business as it enters the court-supervised process.
President and Chief Executive Officer Russell Parker, said, "This process will allow us to pursue a significant reduction of our debt in order to enhance EP Energy's long-term competitive position. Our business operations are expected to continue without interruption throughout this process, during which we will continue making improvements to our operational execution and capital efficiency."
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