Endeavour International Corp. Friday won approval for its debt-for-equity swap with bondholders, the latest company to use a structured dismissal to end its stalled bankruptcy case, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Kevin Carey signed off on the oil and gas company's proposal to hand control of its U.K. assets — which make up more than 90 percent of its business — to a group of senior bondholders and wrap up its affairs outside of chapter 11. Instead of ending its bankruptcy case with a chapter 11 plan that follows specific rules for debt repayment prescribed by Congress, Endeavour and its senior creditors have agreed to set aside money and settle their differences outside the bankruptcy courtroom.
