New Chapter 15 Filing - EnQuest PLC

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EnQuest PLC

  • 10/26/16 Recap: UK-based independent oil and gas producer files Chapter 15 to complement its previously filed Scheme of Arrangement under the UK Insolvency Act. The Company intends to exchange its '22 senior notes, amend its '22 retail notes, and raise equity to sustain through the oil-and-gas downturn.
  • Jurisdiction: S.D. of New York
  • Capital Structure: $1.2b RCF (BNP Paribas), $650mm '22 7% senior notes, $155mm (british pound) '22 5.5% retail notes.    
  • Company Professionals:
    • Legal: Ashurst LLP (Giles Boothman) and (local) Paul Weiss (Alan Kornberg, Jeanne John, Adam Denhoff)
    • Financial Advisor: Rothchild