LONDON (Alliance News) - Endeavour International Corp Wednesday said it and subsidiaries have entered into extensions of forbearance agreements on the holders of its 2018 First and Second Priority Notes and with holders of its 2016 Convertible Senior Notes.
The company did not make interest payments due on the notes on September 2, triggering a 30-day grace period which closed on October 1. As the interest payments were not made during the grace period, an event of default occurred on the notes, Endeavour said.
Under the extensions, the noteholders have given the company another day before they will exercise their rights against the company.
Endeavour said is remains in talks with its debt holders regarding a debt restructuring plan that the company would agree prior to entering into Chapter 11 bankruptcy protection.
Endeavour last week secured a USD440 million senior secured term loan in order to repay the balance owed under its existing credit agreement.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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