Energy Partners Wins Approval For Chapter 11 Plan

Law360, New York (August 4, 2009, 3:25 PM EDT) -- Bankrupt oil and gas producer Energy Partners Ltd. has received court approval for a prenegotiated restructuring plan but is still working with lenders to obtain the financing it needs for the plan to take effect.

Judge Jeff Bohm of the U.S. Bankruptcy Court for the Southern District of Texas issued an order Monday confirming the plan and setting a Sept. 10 deadline for the debtor to come up with financing and meet other conditions.

The plan gives holders of the company's senior notes 95 percent of...
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