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."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos


Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More