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Energy XXI delays interest payment on unit

Published 2016-03-15, 07:40 a/m
Energy XXI delays interest payment on unit
EGC
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March 15 (Reuters) - U.S. oil and gas producer Energy XXI
Ltd EXXI.O said on Tuesday it had delayed paying the interest
due on the debt of one of its subsidiaries, as it continues to
work with advisers to slash debt.
Energy XXI said it was delaying interest payment due on
March 15 on Energy XXI Gulf Coast Inc's debt, commencing a
30-day grace period.
The company, however, paid the interest on the debt of one
of its other subsidiaries, EPL Oil and Gas Inc, that was
originally due on Feb. 16 and was deferred.
Energy XXI, which owes about $3.3 billion, said in a
regulatory filing this month that it may file for bankruptcy if
oil prices remain low.

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