Endeavour Announces One Day Forbearance Agreement with Noteholders
HOUSTON, Oct. 9, 2014 -- 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
CONTACT: Endeavour - Investor Relations, Darcey Matthews, +1-713-307-8711