Energy XXI Ltd fka EXXIQ

[level42]

Energy XXI sought Chapter 11 protection in April with $3.6B in debt, reached a tentative restructuring deal two weeks before the OPEC agreement that values its business at ~$600M; shareholders - who could be wiped out in the deal that gives control to bondholers - think the true figure is higher now, but their problem is timing, as energy producers likely would command higher prices as supplies tighten but that may not be enough to change their valuations today.