Weak energy prices have forced bankrupt oil-and-gas company Endeavour International Corp. to abandon a deal with bondholders to cut its debt by $568 million and instead seek buyers for its U.S. assets, Reuters reported yesterday. The Houston-based company filed for bankruptcy in October with a plan that would have given stock and notes in the reorganized company to creditors, slashing its $1.2 billion in debt. Existing stock would have been canceled. That plan was negotiated in the months leading up to the bankruptcy filing, when oil prices were 50 percent above current levels. Endeavour said that if energy prices did not rebound and the company emerged from bankruptcy, a unit of the company would be in default by October and soon running out of cash, according to court papers filed on Wednesday. Endeavour, which mainly owns resource assets in the UK's North Sea, said that it now plans to seek bidders for its U.S. assets, which make up 18 percent of its total production and proven reserves. Read more.
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