HOUSTON, Oct. 17, 2014 /PRNewswire/ -- Endeavour
International Corporation (OTC: ENDRQ) (LSE: ENDV) announced today
that on October 10, 2014, it and
certain of its subsidiaries, including Endeavour Operating
Corporation (collectively, the "Debtors"), filed a motion (the
"Motion") with the United States Bankruptcy Court for the District
of Delaware (the "Bankruptcy
Court") seeking an order (i) restricting certain transfers of
interest in Endeavour common stock and preferred stock and,
depending on the Debtors' proposed chapter 11 plan when filed,
certain transfers of claims against the Debtors, and (ii) imposing
certain notification requirements with respect to substantial
owners of Endeavour stock (by class) and substantial owners of
claims against the Debtors (namely, Endeavour's 12% First Priority
Notes, its 12% Second Priority Notes, and any unsecured claims
against the Debtors). The order is intended to prevent certain
transfers of stock of Endeavour and certain transfers of claims
against the Debtors that could impair the ability of one or more of
the Debtors' estates to use, to the extent otherwise available,
their net operating loss carryovers and certain other tax
attributes during bankruptcy and on a reorganized basis.
On October 15, 2014, the
Bankruptcy Court entered an order on an interim basis granting the
Motion. All procedures reflected in the interim order currently
apply and must be complied with. Accordingly, any acquisition,
disposition, or other transfer of equity or claims on or after
October 10, 2014, in violation of the
restrictions set forth in the interim order shall be null and void
ab initio or otherwise subject to sanctions as an act in violation
of the automatic stay under sections 105(a) and 362 of the United
States Bankruptcy Code. A final hearing on the Motion and requested
relief is scheduled for November 10,
2014, at 10 a.m. before The
Honorable Kevin J. Carey at the Bankruptcy Court, 824 North Market
Street, Wilmington, Delaware
19801.
The requested relief and interim order apply to "Substantial
Equityholders," being persons who are, or as a result of a
transaction would become, the beneficial owner of approximately
4.75% or more of the outstanding shares of any class of common or
preferred stock of Endeavour. It also applies to holders of a
substantial amount of claims, being persons who are, or as a result
of a transaction become, the beneficial owner of Endeavour's 12%
First Priority Notes, 12% Second Priority Notes, and/or unsecured
claims against the Debtors in excess of an amount of such claims
which, taking into account any other interests for which the holder
may receive stock in the reorganized Debtors, could result in such
holder holding the "Applicable Percentage," generally 4.5% or more,
of the stock of the reorganized Debtors, by vote or value.
The precise amount of claims will be disclosed in connection
with the Debtors' filing of their proposed chapter 11 plan and
disclosure statement in the event the Debtors reasonably anticipate
taking advantage of certain tax provisions relating to a debtor's
ability to utilize loss carryovers and certain other tax attributes
on a reorganized basis. A copy of the notice of the interim order,
which includes complete definitions, the provisions potentially
applicable to holders of a substantial amount of claims, and the
applicable notification requirements and restrictions, is available
on the website of the Debtors' claims agent:
www.kccllc.net/endeavour.
About Endeavour International Corporation
Endeavour International Corporation is an oil and gas
exploration and production company focused on the acquisition,
exploration and development of oil and natural gas in the North Sea
and the 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 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 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.
SOURCE Endeavour International Corporation
