In the wake of Energy XXI’s December 30, 2016 plan effective date, WilmerHale bankruptcy and financial restructuring co-chair Phil Anker, Loughlin Management Partners managing directors Aaron Kibbey and John Sordillo, and H.J. Gruy and Associates executive vice president Robert Rasor joined Debtwire legal analyst Richard Goldman for an in-depth discussion on the litigation tactics these advisors employed to protect the interests of, and increase recoveries for, an ad hoc committee of EPL Oil & Gas noteholders. During their conversation, the expert panel addressed an inter-debtor cash collateral dispute that arose in the early days of the Chapter 11 case, the committee’s efforts to recharacterize, subordinate and disallow almost USD $1b in intercompany transfers, and proposed best practices when attempting to value oil and gas assets in support of plan confirmation.
Key Topic Time Stamps
06:26 Case background, capital structure and Chapter 11 descent discussion.
16:55 Cash collateral discussion.
29:15 Intercompany transfer discussion.
1:03:11 Asset valuation discussion.