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    EPEGQ   US2687851020


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Modified Fifth Amended Joint Reorganization Plan Approved for EP Energy Corporation

08/27/2020 | 12:00am EDT

The US Bankruptcy Court approved the modified fifth amended joint plan of reorganization of EP Energy Corporation on Houston, Texas on August 27, 2020. The debtor has filed its modified fifth amended joint plan in the Court on August 24, 2020. As per the amended plan, administrative expense claims, fee claims, priority tax claims, other secured claims and other priority claims, shall be paid in full in cash. DIP claims of $314.71 million shall receive on a dollar-for-dollar basis, first-lien, first-out revolving loans or revolving commitments under the exit credit agreement and letter of credit participations under the exit credit agreement. RBL claims of $314.71 million shall receive on a dollar-for-dollar basis, first lien, second-out term loans under the exit credit agreement. 1.125L notes claims of $1 billion shall receive pro rata share of 100% of new common shares. On the effective date 1.125L notes claims will be cancelled. Unsecured claims shall be discharged, cancelled, released, and extinguished as of the effective date. Parent unsecured claims shall be paid in cash or shall be disputed as if the bankruptcy case had never been commenced. Convenience claims of $1.75 million shall receive cash in the amount of 10% of such claim or pro rata share of the convenience claim distribution amount, whichever is lower. Intercompany claims shall be reinstated. Subordinated claims, other equity interests and intercompany interests shall be cancelled. Existing parent equity interests shall receive pro rata share of $0.3 million in cash. On the effective date, existing parent equity interests will be cancelled, released, and extinguished and will be of no further force or effect. The plan shall be funded through cash in hand of $364.92 million, cash proceeds from the exit facility of $629 million, through issue of new common shares of $75 million and rights of $475 million.

ę S&P Capital IQ 2020
Stocks mentioned in the article
ChangeLast1st jan.
BIKE24 HOLDING AG -2.63% 23.66 Delayed Quote.0.00%
EP ENERGY CORPORATION 0.00%End-of-day quote.1,723.53%
03/23EP Energy Corporation Provides Production Guidance for the Year of 2021
03/12EP Energy Intends to Evaluate Range of Strategic Alternatives to Maximize Shareholder V..
02/23RRP Acquisitions 1 LLC completed the acquisition of Texas assets of EP Energy Corporati..
2020An unknown buyer entered into an agreement to acquire Texas assets of EP Energy Corpora..
2020EP Energy Corporation Emerged from Bankruptcy
2020EP ENERGY : Q2 2020 Financial Report
2020Modified Fifth Amended Joint Reorganization Plan Approved for EP Energy Corporation
2020Order Approving Combined Hearing for Fifth Amended Reorganization Plan & Disclosure Sta..
2020Fifth Amended Joint Reorganization Plan and Disclosure Statement Filed by EP Energy Cor..
2020Motion for Exclusivity Period Extension Approved For EP Energy Corporation
More news
Financials (USD)
Sales 2019 901 M - -
Net income 2019 -943 M - -
Net Debt 2019 4 740 M - -
P/E ratio 2019 0,00x
Yield 2019 -
Capitalization 15,8 M 15,8 M -
EV / Sales 2018 3,64x
EV / Sales 2019 5,26x
Nbr of Employees 370
Free-Float -
Income Statement Evolution
Managers and Directors
Russell E. Parker President, Chief Executive Officer & Director
Kyle A. McCuen Chief Financial Officer, Treasurer & Senior VP
Alan R. Crain Chairman
Chad D. England Chief Operating Officer & Senior Vice President
Robert C. Reeves Independent Director