Energy Partners, Ltd. (fka ERPLQ)

[mike_t]

"Energy Partners is not going out of business. It's not a liquidation," said Energy Partners Vice President T.J. Thom. "We have full belief that we'll be operating our business without interruption" during the reorganization.

"I feel .¥.¥. that they got caught in the cross hairs of the circumstances and that something good will emerge from this," said Don Briggs, president of the Louisiana Oil and Gas Association. "I do feel that .¥.¥. they will survive."


Richard Tullis, an energy analyst with Capital One Southcoast in New Orleans, agreed.

"It's possible Energy Partners could emerge as a leaner company, hopefully in a time of stronger commodity prices," Tullis said. "It's possible that this could work to their advantage. One of the reasons Chapter 11 is available is so that companies can take a breather and work things out, particularly when they have the debtholders on board."

According to documents filed with the U.S. Bankruptcy Court in the Southern District of Texas, at the end of 2008 Energy Partners had roughly $770.4 million in total assets and $708.4 million in total debt

http://blog.nola.com/tpmoney/2009/05/energy_partners_files_chapter.html