The company's bankruptcy filing is geared toward implementing a reorganisation plan backed by a group of creditors to unload some $2.8 billion in debt and position itself as a stronger company when the market improves.
Energy XXI said the restructuring support agreement proposing a debt-for-equity swap was reached with 63% of holders of the company's secured second lien 11% notes. Negotiations continue with remaining bondholders, it said.
