29 June 2017listing compliance notice▼ BadMajor
Energy XXI Ltd terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Dec 2016listing compliance notice▼ BadMajor
Energy XXI Ltd terminated the registration of a class of securities, ending its reporting obligation for them.
15 Dec 2016debt financing▼ BadMajor
The Bankruptcy Court confirmed Energy XXI's Chapter 11 plan on December 13, 2016, targeting an effective date by year-end. Under the plan, reorganized Energy XXI Gulf Coast becomes the new parent holding substantially all of the group's assets, revolving-credit claims convert into a new three-year exit facility, and Energy XXI Ltd's existing common and preferred equity is wiped out entirely - marking the effective end of the Bermuda parent entity that had built the company from a single Gulf of Mexico shelf operator into a $3.6 billion-debt, multi-billion-dollar producer over eight years, undone by the leverage taken on for the 2014 EPL acquisition just before oil prices collapsed.
13 Sept 2016debt financing▼ BadMajor
Energy XXI and its second lien noteholders finalized the recovery terms of the reorganization plan: unsecured trade and general claims got modestly better payouts, and the equity split in the reorganized company was set at 87.8% for second lien noteholders, small slices for unsecured noteholders, and 11.6% reserved for a creditor trust - with existing common and preferred stock still receiving nothing.
23 Aug 2016debt financing● Neutral
A Fourth RSA Amendment pushed back only the milestone for court approval of the restructuring agreement itself, to September 30, 2016.
1 Aug 2016debt financing● Neutral
Energy XXI's bankruptcy milestones slipped again under a Third RSA Amendment, pushing the confirmation hearing to mid-September and targeting plan effectiveness by October 7, 2016.
5 July 2016debt financing● Neutral
Energy XXI's bankruptcy milestones were reset onto a concrete exit timeline: disclosure statement approval by mid-July, a confirmation hearing by late August, a confirmation order by early September, and plan effectiveness by September 16, 2016.
20 May 2016debt financing▼ Bad
Energy XXI's bankruptcy plan timeline slipped slightly (a four-day extension to file the plan and disclosure statement), while the company reached a term sheet with its revolving-credit lenders and second lien noteholders on how the RBL facility would be treated through the case and upon emergence.
19 May 2016listing compliance notice● NeutralMajor
Energy XXI Ltd's exchange filed to remove a class of its securities from listing.
18 May 2016capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q3 FY2016 financial statements required under its senior notes indentures.
20 Apr 2016listing compliance notice▼ BadMajor
Nasdaq moved to delist Energy XXI's stock (EXXI) following the bankruptcy filing and its prior minimum-bid-price violation; the company chose not to appeal, and its shares were expected to move to the thinly-traded OTC Pink market.
14 Apr 2016bankruptcy or receivership▼ BadMajor
Energy XXI Ltd, Energy XXI Gulf Coast, EPL Oil & Gas and other subsidiaries filed for Chapter 11 bankruptcy protection on April 14, 2016 in the Southern District of Texas (Case No. 16-31928), backed by a pre-negotiated Restructuring Support Agreement with holders of its 11.000% second lien notes. Under the planned reorganization, existing common and preferred stock would be wiped out entirely, with the second lien noteholders receiving 100% of the new company's equity - the culmination of the borrowing-base and covenant crisis that had been building since the EPL-driven leverage peak in mid-2014.
15 Mar 2016debt financing▼ BadMajor
The crisis widened into a broad default wave: Energy XXI Gulf Coast missed interest on both its 6.875% notes and 11.000% second lien notes, and EPL again missed interest on its 8.25% notes, with lenders granting only a one-month waiver while slashing the revolving facility's borrowing base from $500 million to $377.7 million - effectively eliminating any remaining borrowing capacity beyond existing letters of credit.
7 Mar 2016capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q2 FY2016 financial statements required under its senior notes indentures.
4 Mar 2016debt financing▼ BadMajor
Subsidiary EPL Oil & Gas missed the February 15, 2016 interest payment on its 8.25% notes - Energy XXI's first actual payment default - and lenders granted only a brief waiver through mid-March, meanwhile barring new borrowings under the credit facility and requiring loan proceeds to be swept into a lender-controlled account.
1 Mar 2016listing compliance notice▼ BadMajor
Nasdaq warned Energy XXI (EXXI) that its stock had traded below the $1.00 minimum bid price for 30 straight days, starting a 180-day clock to regain compliance by August 2016.
30 Nov 2015debt financing▼ BadMajor
With EBITDA collapsing alongside oil prices, Energy XXI's lenders dramatically loosened the secured-debt leverage covenant - allowing it to rise from a suspended level to 3.75x, then to 4.75x by March 2016 and as high as 5.25x by mid-2016 - rather than the company actually deleveraging, while holding the borrowing base flat at $500 million.
19 Nov 2015capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q1 FY2016 financial statements required under its senior notes indentures.
21 Oct 2015capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine FY2015 annual financial statements required under its senior notes indentures.
8 Sept 2015financial restatement▼ BadMajor
Energy XXI disclosed it would restate four years of annual financials (FY2011-FY2014) and multiple quarters after finding its hedge-accounting documentation didn't meet the technical requirements for cash-flow-hedge treatment, forcing derivative gains and losses to be reclassified from other comprehensive income into earnings. The company said the restatement was a non-cash, presentation-only issue with no effect on liquidity, EBITDA or debt covenants - but it was still a multi-year accounting control failure surfacing just as the company's finances were under real strain.
1 July 2015debt financing▼ BadMajor
The Grand Isle Gathering System sale-leaseback closed for $245 million, locking Energy XXI into a new fixed obligation averaging $40.5 million a year in lease payments over the 11-year term - a real ongoing cash drain layered onto an already strained balance sheet just as oil prices kept falling.
23 June 2015material agreement▼ BadMajor
Under mounting cash pressure, Energy XXI agreed to sell its Grand Isle Gathering System - Gulf of Mexico shelf pipeline and onshore processing infrastructure - to CorEnergy Infrastructure Trust subsidiary Grand Isle Corridor for $245 million plus assumption of a $12.5 million abandonment liability, immediately leasing it back for 11 years so operations continue uninterrupted - a sale-leaseback raising cash by monetizing core infrastructure rather than new financing.
21 May 2015capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q3 FY2015 financial statements, with total outstanding notes now spanning five series worth $3.6 billion face value.
18 Mar 2015debt financing▼ BadMajor
Energy XXI closed the $1.45 billion second-lien notes offering, netting about $1.35 billion at a steep discount - expensive but critical financing used to term out the revolving facility that was otherwise facing shrinking borrowing-base capacity.
9 Mar 2015debt financing▼ BadMajor
Energy XXI priced $1.45 billion of new 11.000% senior secured second lien notes at a 12.000% yield to maturity - by far its most expensive financing yet, a stark jump from the 6.875% it paid just ten months earlier, underscoring how quickly its cost of capital had deteriorated as oil prices fell.
6 Mar 2015debt financing▼ BadMajor
Energy XXI's lenders sharply tightened the credit agreement: dividends to the parent were cut off (with a narrow carve-out to distribute the Grand Isle gathering system), asset-sale proceeds now required lender consent and had to be held in pledged accounts, and - most strikingly - the facility itself was set to shrink from roughly $1.5 billion to just $500 million once further conditions were met, with a new intercompany loan mechanism to funnel cash to EPL. Barely nine months after the EPL deal pushed borrowing capacity to its all-time peak, the credit facility was already being unwound.
25 Feb 2015material agreement▼ BadMajor
With oil prices sliding, Energy XXI's board named director James LaChance interim Chief Strategic Officer specifically to negotiate with lenders and noteholders on alternative financing to fix the company's leverage and debt maturities - paying him $200,000/month plus a success fee of up to $6 million if he landed a financing deal, an unmistakable sign the board saw a real refinancing crisis ahead.
12 Feb 2015capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q2 FY2015 financial statements required under its senior notes indentures.
4 Dec 2014auditor change● Neutral
Energy XXI's auditor UHY LLP resigned after its Texas practice was acquired by BDO USA, which took over as the company's auditor with no disagreements reported.
14 Nov 2014capital raising announcement● Neutral
Energy XXI (now renamed Energy XXI Ltd) filed its Gulf Coast subsidiary's routine Q1 FY2015 financial statements, now signed by new CFO Bruce Busmire in place of longtime CFO David West Griffin.