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Case Studies

Energy XXI

Energy

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SIT­U­A­TION

  • Ener­gy XXI (the ​“Com­pa­ny”) was a pub­lic inde­pen­dent E&P com­pa­ny that oper­at­ed pri­mar­i­ly in off­shore Gulf of Mexico
  • In April 2016, due to adverse mar­ket con­di­tions, the Com­pa­ny vol­un­tar­i­ly filed for Chap­ter 11
  • The Company’s rev­enue and EBIT­DA had dropped by over 50% and 75%, respec­tive­ly, lead­ing up to the filing

OUT­COME

  • Chi­ron was the Finan­cial Advi­sor to the Company’s Offi­cial Com­mit­tee of Equi­ty Hold­ers dur­ing the Chap­ter 11 proceedings
  • Chi­ron advised on val­u­a­tion and restruc­tur­ing mat­ters and the Equi­ty Hold­ers received a mod­est settlement
ENERGY XXI

The Challenge

In April 2016, due to adverse market conditions, the Company voluntarily filed for Chapter 11.

The Chiron Solution

Chiron was the Financial Advisor to the Company’s Official Committee of Equity Holders during the Chapter 11 proceedings.

The Result

Chiron advised on valuation and restructuring matters and the Equity Holders received a modest settlement.

Is your com­pa­ny per­form­ing like it should?

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