Oil Prices Cited In Energy Partners Ch. 11 Filing

Law360, New York (May 1, 2009, 12:00 AM EDT) -- Oil and gas exploration and production company Energy Partners Ltd. has sought sanctuary in bankruptcy court, saying that hurricane damage, a drop in oil and gas prices, financial obligations to the Minerals Management Service and a dearth of available credit spurred the company to restructure.

Energy Partners and several affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas on Friday, listing assets of more than $770 million and debts of over $708 million.

Energy Partners said it had...
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