HOUSTON, Oct. 8, 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 9, 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.
SOURCE Endeavour International Corporation
