History
Energy XXI Gulf Coast emerged from bankruptcy at the end of 2016, then was bought for $9.10 a share in cash by Cox in October 2018 and delisted.
2016-2017: Emerging from bankruptcy
Energy XXI Gulf Coast, Inc. took over the business after a Chapter 11 restructuring. The court confirmed the plan on December 13, 2016, and the company emerged on December 30, 2016. Energy XXI Ltd, the Bermuda company before it, transferred all its remaining assets to Energy XXI Gulf Coast, which became the parent and successor issuer. Energy XXI Ltd went into liquidation in Bermuda, expected to finish in the first half of 2017.
The company set up a new three-year Exit Facility. It included a term loan of about $69 million, carried over from the old first lien credit facility, and a $227,742,500 revolver used entirely for letters of credit. Of these, $225 million were in favor of ExxonMobil for plugging and abandonment obligations, the cost of safely closing old wells. Holders of 10% or more of the new common stock received registration rights. On February 27, 2017, Nasdaq certified the company's securities for listing, clearing them to trade. Shares on issue stood at 33,211,594 at the end of 2016.
2018: The Cox takeover
On June 18, 2018, the company agreed to be acquired by MLCJR LLC, an affiliate of Cox Oil LLC, with each share converted into $9.10 in cash, about $322 million in total. Options were to be cancelled for nothing because their exercise prices were above $9.10, while restricted stock units were to be paid the same price. Closing needed a stockholder vote and U.S. antitrust clearance. It did not depend on Cox obtaining financing, and the company might owe an $8 million termination fee in certain circumstances.
Stockholders approved the deal on September 6, 2018, with 23,085,021 shares in favor, about 69.1% of those outstanding. The agreement was then amended to set a closing date of October 10, 2018.
The merger closed on October 18, 2018. The company became an indirect wholly owned subsidiary of MLCJR LLC. Warrants, which carried a $43.66 exercise price, were cancelled for no payment. All directors and the listed officers resigned, and the merger subsidiary's directors and officers took over. Nasdaq trading was suspended after the close that day. On October 29, 2018, the company deregistered its securities, ending its obligation to file reports with the SEC.
Written from the 7 story beats below (2017 to 29 Oct 2018), which come from the company's own announcements and filings.