HOUSTON, Oct. 10, 2014 /PRNewswire/ -- Endeavour
International Corporation (NYSE: END) (LSE: ENDV) today announced
that the Company and certain of its subsidiaries have entered into
extensions of their forbearance agreements (the "Forbearance
Agreements") with holders of a majority of its 12% First Priority
Notes due 2018, 12% Second Priority Notes due 2018 and 6.5%
Convertible Senior Notes due 2016 (collectively, the "Notes").
As previously announced by the Company, the Company did not make
the September 2, 2014 interest
payments due on the Notes, triggering a 30-day grace period that
ended on October 1, 2014. Because the
interest payments were not made during the grace period, an event
of default occurred under each series of Notes. Under the terms of
the extended Forbearance Agreements, the noteholders have agreed to
forbear from exercising remedies against the Company arising from
such defaults for one additional day, expiring at 11:59 p.m. on October 10,
2014.
The Company remains engaged in discussions with representatives
of certain holders of its various classes of indebtedness,
including the holders of Notes, regarding a debt restructuring plan
that would be effected by the Company pursuant to a chapter 11
filing. No assurances can be given, however, that such discussions
will result in an agreement for a debt restructuring plan.
About Endeavour International Corporation
Endeavour International Corporation is an international oil
and gas exploration and production company focused on the
acquisition, exploration and development or energy reserves in the
North Sea and United States. For
more information, visit www.endeavourcorp.com.
Forward-looking Statements
This press release contains certain "forward-looking
statements," as such term is defined in Section 21E of the
Securities Exchange Act of 1934, as amended, relating to future
events and the financial performance of Endeavour. Such statements
are only predictions and involve risks and uncertainties, resulting
in the possibility that the actual events or performance will
differ materially from such predictions as a result of certain risk
factors. As such, readers are cautioned not to place undue reliance
on forward-looking statements, which speak only as to management's
plans, assumptions and expectations as of the date hereof. Please
refer to Endeavour's Annual Report on Form 10-K for year ended
December 31, 2013 filed with the SEC
on March 17, 2014, Form 10-K/A filed
on March 21, 2014 and other filings
for a discussion of material risk factors. Endeavour disclaims any
duty to update or alter any forward-looking statements, except as
required by applicable law.
