Endeavour Announces One Day Forbearance Agreement With Some Noteholders

(RTTNews) - Endeavour International Corp. (END) (ENDV.L), an independent oil and gas company, said the company and certain of its subsidiaries have entered into extensions of their forbearance agreements with holders of a majority of its 12 percent First Priority Notes due 2018, 12 percent Second Priority Notes due 2018 and 6.5 percent Convertible Senior Notes due 2016.

As previously announced, the company did not make the September 2, interest payments due on the notes, triggering a 30-day grace period that ended on October 1.

As the interest payments were not made during the grace period, 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 on October 8.

Endeavour continues to be engaged in discussions with representatives of certain holders of its various classes of debt, 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, the firm added.