ENDEAVOUR INTERNATIONAL CORP

20 Oct 2015listing compliance notice▼ BadMajor

ENDEAVOUR INTERNATIONAL CORP terminated the registration of a class of securities, ending its reporting obligation for them.

Discuss in chat

4 Aug 2015material agreement▼ BadMajor

On August 3, 2015 Endeavour signed a credit bid asset purchase agreement under which Endeavour Operating Corporation would sell the stock of its subsidiary Endeavour International Holding B.V. and an intercompany note to a new entity owned by the first priority noteholders and the Credit Suisse term loan lenders. The price is $1 as a credit bid for 65% of the shares and the note, and $1 cash for the other 35%. A separate settlement agreement covers how proceeds from U.S. oil and gas asset sales are shared. The company also filed a motion to dismiss the chapter 11 cases after selling substantially all assets and to dissolve the debtors, with Endeavour International Corp dissolved without a shareholder vote. This replaces the October 2014 plan to reorganise, and the filing points to a wind-down; the $1 price and the dissolution motion suggest (inference) nothing is left for shareholders, though the filing does not state any shareholder payment. Closing needs court approval and other conditions.

Discuss in chat

26 Nov 2014listing compliance notice● NeutralMajor

ENDEAVOUR INTERNATIONAL CORP's exchange filed to remove a class of its securities from listing.

Discuss in chat

17 Oct 2014listing compliance notice▼ BadMajor

On October 13, 2014 the NYSE began proceedings to delist Endeavour's common stock and suspended trading immediately, citing the October 10 chapter 11 filing. The filing says it is expected that all existing equity, including common stock, preferred stock and warrants, will be cancelled with no distribution. The company has a right to a review by an NYSE Regulation committee, and the NYSE will apply to the SEC to delist after procedures are complete. This supersedes the September price and market-value non-compliance notice, which the filing also notes.

Discuss in chat

14 Oct 2014bankruptcy or receivership▼ BadMajor

On October 10, 2014 Endeavour and several subsidiaries filed for chapter 11 in Delaware, with a restructuring support agreement from holders of more than two thirds of each of the first priority notes, second priority notes, 7.5% convertible bonds and convertible notes. Debt would fall by about $568 million: the 12% first and second priority notes, 7.5% bonds and 5.5% and 6.5% convertible notes would be cancelled in exchange for $262.5M of new notes, about $237.5M of new convertible preferred shares and new common shares. All existing common and preferred stock would be cancelled with no distribution, so current shareholders would receive nothing under this plan. The $440M Credit Suisse term loan at the UK subsidiary is not affected. This follows the September forbearance and missed interest, and resolves the open question about the chapter 11 talks.

Discuss in chat

1 Oct 2014debt financing▼ BadMajor

On September 30, 2014 Endeavour replaced its January term loan with a ~$440 million Credit Suisse term loan (LIBOR plus 10%, 2% discount, maturing January 2, 2017). Proceeds repaid the ~$124.5M prior loan, about $150M of production payments and the LC procurement reimbursement obligations, and funded cash collateral for ~$89.5M of letters of credit. The same day it signed forbearance agreements with holders of a majority of the 6.5% convertible, 12% first priority ($404M) and second priority ($150M) notes, who agreed not to pursue remedies over the missed September 2 interest payments, expiring October 7, 2014. The company says it is in talks with creditors on a restructuring through a chapter 11 filing, with no assurance of agreement. The filing does not say what happens to shareholders; this puts equity at risk (inference).

Discuss in chat

18 Sept 2014listing compliance notice▼ BadMajor

On September 12, 2014 the NYSE told Endeavour it breached two listing standards: the average share price was not above $1.00 over 30 trading days, and market capitalization averaged under $50 million with shareholders' equity also below $50 million. The company has six months (possibly extended) to fix the share price and 45 days to submit a business plan on the other; it says it intends to cure and keep trading on the NYSE.

Discuss in chat