LONDON (Alliance News) - Endeavour International Corp Wednesday said it has closed a USD440 million senior secured term loan to repay the balance owed under its existing credit agreement, and said it is in talks with lenders over a debt restructuring plan.
The term loan will be used to repay full monetary production payments made by Endeavour Energy UK Ltd; repay reimbursement obligations under its existing LC Procurement Agreement; provide cash collateral for a new issuance agreement and for the payment of related expenses and additional liquidity for the company.
In addition, Endeavour said it is in talks with debt holders regarding a debt restructuring plan which would be used by the company related to filing for Chapter 11 bankruptcy protection.
The company's shares were untraded on Wednesday. The stock last traded at 0.4725 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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