Energy XXI Files for Bankruptcy

U.S. oil and gas producer Energy XXI Ltd, which has operations in Louisiana, Texas and the Gulf of Mexico, said on Thursday it has filed for bankruptcy protection, becoming one of the biggest casualties of the oil rout to date.

 

The company will eliminate more than $2.8 billion in debt from its balance sheet through the Chapter 11 restructuring, it said in a statement.


(Reporting by Jessica DiNapoli and Rama Venkat Raman; Editing by Gopakumar Warrier)