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Thursday, March 22, 2018

EnerVest is Filing for Bankruptcy

From the Houston Chronicle:
The publicly traded business of Houston energy investment firm EnerVest plans to file for bankruptcy to restructure and reduce its debt. 
The upstream oil and gas business, EV Energy Partners, said it has agreed to a bankruptcy plan with a majority of its lenders to renegotiate its debt and restructure its ownership in order to avoid a financial default. 
The Houston parent firm is not filing for bankruptcy, although EnerVest has seen the value of some of its investment funds plummet during the recent oil bust.

EV Energy Partners has struggled for a few years, finally seeing its stock value dip below $1 per unit in May 2017. It's now listed below 20 cents. The business was considered a default risk for quite some time.
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