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Thursday, June 14, 2018

EV Energy Partners Dubs Itself Harvest Oil & Gas Corp. as It Rises from Ashes of Bankruptcy

From a press release:
EV Energy Partners, L.P. today announced that it has successfully completed its financial restructuring and has emerged from Chapter 11 as a new corporation under the name Harvest Oil & Gas Corp. (“Harvest” or the “Company”).

Through the restructuring, Harvest has eliminated approximately $355 million of debt and accrued interest from its balance sheet and significantly enhanced its financial flexibility. At its emergence, the Company entered into an amended and restated credit facility providing for a new reserve-based revolving loan. The initial borrowing base under the credit facility is $325 million, with the first scheduled redetermination of the borrowing base in April 2019. Also, with total debt outstanding of $297 million, and cash on hand of approximately $21 million, total liquidity will be approximately $46 million.

Michael E. Mercer, President and Chief Executive Officer, commented that, “Today begins an important new chapter for our Company. With significantly less debt, we have ample liquidity and expect to generate free cash flow in excess of our planned capital requirements. We are confident that our diverse asset base will serve as a foundation for our future success.” 
Effective today, the Company’s Board of Directors are comprised of management and direct or appointed representatives of the Company’s largest shareholders, whose biographies are included in our current report on Form 8-K filed on June 4, 2018. The new directors are Michael E. Mercer, James F. Murchison, Colby Dunn, Steven J. Pully and Patrick Hickey.
Click here to view the entire release.

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