EP Energy's Ch. 11 Plan Scrapped As Oil Prices Plunge
Law360 (March 24, 2020, 7:05 PM EDT) -- A Texas bankruptcy judge on Tuesday canceled EP Energy Corp.’s two-week-old, $3.3 billion Chapter 11 plan after both the oil and gas producer and major creditors agreed that their restructuring agreement was now unworkable amid plunging oil prices.
U.S. Bankruptcy Judge Marvin Isgur issued a ruling vacating the Chapter 11 plan he had confirmed just over two weeks earlier, saying from the bench that both EP and the creditors who would have assumed control of the company under the plan had agreed that developments since then had rendered their restructuring agreement economically unfeasible.
“I’m finding the plan as confirmed could not...
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