Energy Partners Issues Another Bankruptcy Warning

Law360, New York (April 6, 2009, 12:00 AM EDT) -- Issuing another warning that it may soon have to file for bankruptcy protection, Energy Partners Ltd. said Monday that it didn’t have the cash resources to repay some $38 million of a borrowing base deficiency.

In a filing with the U.S. Securities and Exchange Commission, Energy Partners said the borrowing base deficiency resulted from the reduction of its borrowing base under its existing credit agreement with its bank lenders.

Last week, Energy Partners received an extension on the due date for the repayment for the borrowing...
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