HOUSTON, Oct. 10, 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 10, 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.
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