HOUSTON, Nov. 7, 2014 /PRNewswire/ -- Endeavour
International Corporation (OTC: ENDRQ) (LSE: ENDV) announced today
that on November 6, 2014, it and
certain of its subsidiaries, including Endeavour Operating
Corporation (collectively, the "Debtors"), obtained a final order
(the "Order") from the United States Bankruptcy Court for the
District of Delaware (the
"Bankruptcy Court"), effective as of October
10, 2014, (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 Bankruptcy Court had previously entered an
order on an interim basis. 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.
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.
The Order applies 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 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