Energy XXI Ltd. on Friday announced that it has successfully completed its financial restructuring and emerged from chapter 11, according to a press release. Through this process, Energy XXI has substantially improved its financial position by eliminating more than $3.6 billion of debt from its balance sheet. Effectively immediately, Energy XXI common stock will cease trading on the OTC Market. Energy XXI Gulf Coast, Inc. (EGC), as successor to Energy XXI, will have approximately 33 million shares outstanding after the reorganization issued pursuant to the restructuring plan. Read more.
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