Soreide Law Group has filed several lawsuits on behalf of our clients against broker/dealers for recommending Energy XXI. On April 14, 2016, Energy XXI filed for bankruptcy protection, which makes it one of the largest casualties of the oil and gas industry to date.
Energy XXI Ltd. is a U.S. oil and gas producer which operates in Louisiana, Texas and the Gulf of Mexico. Energy XXI filed for bankruptcy protection after spending nearly $5 billion on acquisitions in the past few years leading up to the oil and gas slump. Energy XXI listed $1.8 billion in assets and $3.6 billion in debt. They said that they have reached a restructuring agreement with note-holders. By filing for bankruptcy, Energy XXI will eliminate more than $2.8 billion in debt through Chapter 11 restructuring.
Energy XXI is now one of more than 40 energy companies who have sought protection from their creditors. According to many experts, nearly one third of all producers could end up in bankruptcy this year if prices remain low. Combined, these companies have around $150 billion in debt.
The bankruptcy filing of Energy XXI, sheds light on the stress that the oil and gas companies face as oil prices remain around $40 per barrel. Just two years ago oil was above $100 per barrel. The break even for most companies is $60 and above per barrel.
According to Energy XXI, it has sufficient liquidity, including about $180 million of cash on hand as of March 31, and funds generated from operations, to continue its operations and support business during the financial restructuring process.
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If you've suffered devastating financial losses from the purchase of Energy XXI due to your broker or financial advisor's recommendations, call Soreide Law Group for a free consultation with an attorney: 888-760-6552.
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