New York (September 21, 2016, 5:31 PM EDT) -- Energy XXI noteholders and shareholders on Wednesday leveled their latest challenge to the oil and gas producer’s modified reorganization plan intended to eliminate $3 billion in debt, raising concern in Texas court filings over the company’s intent to transfer control of the business to junior lenders.
Days after submitting a modified Chapter 11 disclosure statement, a document intended to explain the reorganization plan to creditors in plain language, representatives of Energy XXI noteholders and equity security holders filed objections challenging the plan. Generally, opponents of the plan say Energy XXI is not being transparent enough about pre-bankruptcy transactions and potential creditor recoveries.
