Endeavour International Corp (ENDRQ)

[Diggie-HH]

Gold news?
I dont understand

[mistracer]

DJ Bankruptcy Judge Approves Endeavour Debt-for-Equity Swap

Oct 16, 2015 15:31:00 (ET)


By Patrick Fitzgerald

Endeavour International Corp. Friday won approval of debt-for-equity swap with bondholders, the latest company to use a so-called structured dismissal to end its stalled bankruptcy case.

Judge Kevin Carey of the U.S. Bankruptcy Court in Wilmington, Del., signed off on the oil and gas company's proposal to hand control of its U.K. assets---which make up more than 90% of its business---to a group of senior bondholders and wrap up its affairs outside of chapter 11.

Instead of ending its bankruptcy case with a chapter 11 plan that follows specific rules for debt repayment prescribed by Congress, Endeavour and its senior creditors have agreed to set aside money and settle their differences outside the bankruptcy courtroom.

The judge, who noted that he had spent the past few days on bankruptcy cases involving varying degrees of "pain allocation," said the structured dismissal was Endeavour's best chance to exit bankruptcy in an organized manner. But he sounded less than thrilled the company was doing so outside the chapter 11 process.

"If it weren't for the fact that the sun is shining, I'd be really depressed," said Judge Carey.

The approved deal had the backing of Endeavour's unsecured creditors, who initially objected to the proposal, claiming it was skewed to benefit Endeavour's foreign affiliates and a handful of top-ranking creditors at their expense.

The so-called structured dismissal has become an increasingly common tactic, after a federal appeals court ruling in the case of a New Jersey trucking company this spring opened the door to such creative endings for stalled chapter 11 proceedings.

Endeavour filed for bankruptcy a year ago with a prenegotiated plan that was supposed to ensure a quick trip through chapter 11. The plan proposed to cut $568 million in debt from its balance sheet and free up about $50 million in annual cash flow.

But restructuring efforts were thwarted by plunging oil prices, and the company instead placed its assets on the auction block. The price of Brent crude oil has fallen to below $50 a barrel, down from $90 when the restructuring deal was first negotiated.

Endeavour was forced to sell off its oil-and-gas assets in the U.S. and U.K. and will dissolve its business. In addition to bringing the chapter 11 case to a close, the settlement also allow Endeavour to escape from the threat of litigation from creditors over financing deals made just before the company filed for bankruptcy.

-Tom Corrigan contributed to this article

Write to Patrick Fitzgerald at [e-mail]



Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 16, 2015 15:31 ET (19:31 GMT)

[Diggie-HH]

Where is the news?

[Diggie-HH]

Würde is the news?

[mistracer]

Yes,

Judge approved Debt for Equity agreement. And will be concluded outside of bankruptcy court.

News is out there about this.

[Diggie-HH]

Coming out of bankruptcy?

[etcetera]

Any news?

[BONGO68]

True...

[MONEYMADE]

BEEN FOLLOWING FOR SOMETIME....CAN ONLY GO ONE OR TWO WAYS.

BOOM OR BUST.


ANY CHANCE THE COMMONS WILL SURVIVE...BOOM

[BONGO68]

Any chance this runs any?

[BONGO68]

Any chance this will run up or is it dead?

[BONGO68]

Let me get this straight now these shares will not be cancelled?? Thats good news!!

[BONGO68]

announces-sale-of-u-s-north.html

[BONGO68]

Ok there should be a huge bounce now with the news today!!! Lets play folks...

[MONEYMADE]

LAZARUS RISE.............

MONEYMADE



Endeavour Announces Launch of Marketing Process for North Sea Assets

HOUSTON, June 1, 2015 /PRNewswire/ -- Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) announced today that the Company's Board of Directors has authorized the immediate launch of a marketing process in the U.K. for the sale of all or substantially all of its North Sea oil and gas assets. Blackstone Advisory Partners L.P. has been engaged as the Company's financial advisor in this process.
Endeavour will consider a full range of options in order to unlock the value underlying the Company's assets, including a sale of individual North Sea assets. The Company believes that a timely sale of all or part of its North Sea assets may provide the best means to preserve and protect the value of the assets, with the ultimate goal of maximizing the benefit to the stakeholders.
While the Company pursues the marketing process, it will remain focused on executing its operational plan. The Company does not expect to comment further or update the market with further information on the process unless and until the Board of Directors has approved a specific transaction or otherwise deems disclosure appropriate or necessary. There is no assurance that this marketing process will result in Endeavour pursuing a particular transaction or completing any such transaction.
Endeavour separately announced its proposed sale of substantially all of the Company's U.S. assets, including bid procedures and notice of an auction, in a motion filed with the United States Bankruptcy Court for the District of Delaware on April 29, 2015.
Endeavour International Corporation is an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and United States. For more information, visit www.endeavourcorp.com.

[FAILURE TO DELIVER]

Nope....worthless shit shares soon to be cancelled.
FTD

[BeamMeUpScotty]

Is this the company that came back from the grey sheets?

[cpw13154]

someones might be in I hub jail.endrq

[DD2Gain]

I'm afraid I don't understand your post.

[cpw13154]

might want to check status on things like DD@ your wrong

[ZombieSecurityAgent]

Yessir I agree. Looking at the facts one could easily conclude that this BK was a scam, perpetrated by grey area collared criminals scheming to protect their own financial interests. That's not how it's supposed to work in a publicly traded company. In an ethical and civil world anyway. But, this is Murica and it works a bit different. I personally, hope they meet proper judgement someday. But, we have no control over that. Have faith that being ethical will count someday in an alternate existence. I suppose maybe.

Just my opinion and best of luck.

[phantom4]

No one has mentioned the many ongoing class action lawsuits against End,they were solvent and filed without thought to the common shareholders.

[hondaboost]

Yep. The company has stated that twice, all shares will be worthless and cancelled.

[cdk111111]

Darcey Matthews
Director of Investor Relations and Corporate Communications
Endeavour International Corporation
P: 713-307-8711
[e-mail]

I called this lady and she said that on Dec 15 when and if the judge approves the bankruptcy plan that all stock will be canceled. I am glad we got this bounce today so i could get back what i had in it. Trade with caution.

[GMONEY4]

Bounce. Ask thinning out.

[hondaboost]

ENDRQ, News on Nov 13: accelerating its bankruptcy and share cancellation proceedings, the CEO's resigned on Nov 13. This means all proceedings are accelerated as the debtholders and creditors don't want to wait too long. Next, the share cancellation is coming, shortly! Then, new shares will be issued to the current bondholders/creditors.

Those buyers who are buying the worthless shares might not know that the shares will be cancelled and wiped out any time soon, and they'll lose everything.

Some people are pumping it hard in Order to Dump all their worthless shares before the Cancellation!

Endeavour Announces Accelerated Schedule for Chapter 11 Court Hearings and Resignation of William L. Transier as President and Chief Executive Officer

HOUSTON, Nov. 13, 2014 /PRNewswire/ -- Endeavour International Corporation (ENDRQ) (ENDV.L) today announced an accelerated timetable for its Chapter 11 proceedings. The Company anticipates scheduling the following hearing dates with the United States Bankruptcy Court for the District of Delaware:

[GMONEY4]

In @ .0185 a few days ago. Looking good. Sorry for your losses. Use stops...

[ZombieSecurityAgent]

This BK junk is working on finding new bagholders to take the place of those who don't wanna baghold any more. Before its too late. lol

[GMONEY4]

Working on .03...

[GMONEY4]

ENDRQ running...

[ZombieSecurityAgent]

Ok. Just going to say one more thing and let it go, cause it is what it is. You gotta consider the difference between secured creditors and the term "stakeholders" as compared to unsecured creditors and "common shareholders". ENDRQ is very cheap and I still have a small position. But, I am not buying any of this hoping for a miracle even if it goes under a penny.

Just my opinion and best of luck.

[RLyons116]

I read that as well, in fact it was mentioned twice in their 10-Q, but they have also mentioned that part of the reason they filed for bankruptcy was to protect the interests of their shareholders. The language definitely exists, however I believe this only points to the imminent demise of ENDRQ as a ticker, not a demise of the stock altogether. Most likely holdings would be transferred to a new ticker once they emerge from bankruptcy.

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

The most important part of the statement being EXISTING, this statement was made before the ticker became ENDRQ as well.... and it was absolutely true, END was cancelled, but were the shareholders left out in the cold? Nope.

[ZombieSecurityAgent]

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

"Endeavour International Corporation Oct 10, 2014 11:51 PM"

The full company PR newswire can be seen here.

http://finance.yahoo.com/news/endeavour-executes-restructuring-support-agreement-035100838.html

Best of luck guys. I lost too.

[cdk111111]

Have you read the PR since then?

[greenchoice]

Link please? Haven't seen anything about their intent to cancel commons...

[ZombieSecurityAgent]

They announced the intent to cancel common shares weeks ago. Nothing news worthy here for commons. Also, the volume is dead/dying so not much interest in a momo by penny traders.

Be careful BRU. Playing ENDRQ is like stepping off in quick sand and hoping by some grace of God you get a miracle lifeline.

Just my opinion and best of luck.

[cdk111111]

This could be Huge.

[cdk111111]

Endeavour Announces Accelerated Schedule for Chapter 11 Court Hearings and Resignation of William L. Transier as President and Chief Executive Officer
4:10p ET November 13, 2014 (PR NewsWire) Print
Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) today announced an accelerated timetable for its Chapter 11 proceedings. The Company anticipates scheduling the following hearing dates with the United States Bankruptcy Court for the District of Delaware:

-- A hearing to be held on December 17, 2014, for the purpose of obtaining the Bankruptcy Court's approval of the Disclosure Statement to be filed by the Company in connection with the Company's proposed Plan of Reorganization (the "Plan") (each of which will be filed by the Company consistent with the terms of the Restructuring Support Agreement previously announced by the Company).

-- A hearing to be held on February 3, 2015, for the purpose of obtaining confirmation by the Bankruptcy Court of the Plan.

The Company also announced that William L. Transier requested that the Board of Directors accept his resignation as President and Chief Executive Officer of the Company, effective December 1, 2014, which request was accepted. Mr. Transier will continue as Chairman of the Board of the Company.

About Endeavour International Corporation

Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of oil and natural gas in the North Sea and the United States. For more information, visit www.endeavourcorp.com.

SOURCE Endeavour International Corporation

[GMONEY4]

Looks like this may be ready for another bounce. Getting some support @ .02...

[GMONEY4]

Looks like this may be ready for another bounce. Getting some support @ .02...

[RLyons116]

Endeavour Wins Approval of Initial Restructuring Deal

"A bankruptcy judge approved a preliminary restructuring deal for Endeavour International Corp . that proposes cutting $568 million in debt from the oil-and- gas company's balance sheet through a debt-for-equity swap with bondholders."

"Judge Kevin Carey of U.S. Bankruptcy Court in Wilmington, Del., signed off on the restructuring support agreement, which has the support of a majority of Endeavour's bondholders, in a Monday order."

From the Dow Jones Bankruptcy News site.

I'd also like to add that Reuters gives ENDRQ a one year PT of $1.00, representing a gain of 2,678%.

[ZombieSecurityAgent]

Looks like this one is pretty much over. No interest from the penny momo players equals no volume means eventually fade to nothingness. Then they cancel the shares.

[GMONEY4]

Yup. Some nice hits going through. The selling started to dry up a bit yesterday. May be ready for another bounce.

[PAUL_MARKOWITZ]

Nice action today, we are getting there!!!!

[copaco2007]

I might b thinking getting in soon in this one...

[hondaboost]

Today, all dumping. Should have sold last week.

[armstjo1]

Yeah. . .MM's love to play "fun-and-games! Thing is, if we can get some bigger players (buyers) in here. . .we can begin to compete effectively with the PLAYERS. The stock has gone up 25% the last two sessions - - plenty more room to run! Should move deep into silver country!!

[everett7]

They're still trying to keep this one down, MAN

[HonestTrader]

Come on power hour!

[armstjo1]

Yeah. . .we need more at the site & of course more BUYERS. . .stock has a good chance to run big with the Rochelle Production Field (oil/natural gas) coming online. Big bucks for Endeavour International. (4,600 barrels of oil & 96 million cu. ft. of nat gas PER DAY. . .outstanding production).