[Context: On March 14, EnerVest announced a clarification that although its master limited partnership EV Energy Partners (Nasdaq: EVEP) was declaring bankruptcy, it would itself not be seeking bankruptcy. Further details and related links are below.]
EnerVest Not Included in Planned EVEP Chapter 11 Restructuring
HOUSTON, March 14, 2018 (GLOBE NEWSWIRE) — EV Energy Partners, L.P. (NASDAQ:EVEP) and its subsidiaries (collectively, “EVEP” or the “Company”) today announced that it has entered into a restructuring support agreement (“RSA”) with certain banks and certain holders of its senior notes. The RSA contemplates a comprehensive restructuring of the Company’s capital structure, to be implemented through a proposed pre-packaged plan of reorganization that will significantly deleverage the Company’s balance sheet.
Neither EnerVest, Ltd., nor EnerVest Operating, L.L.C., is seeking Chapter 11 bankruptcy relief.
EnerVest Operating, L.L.C., will continue to operate assets for EVEP.
Houston-based EnerVest, founded in 1992, acquires, develops and operates oil and gas fields in 14 states on behalf of its institutional investors.