March 28, 2017 2:41 AM ET

Oil, Gas and Consumable Fuels

Company Overview of M21K, LLC

Company Overview

M21K, LLC acquires, explores, develops, and operates oil and natural gas properties offshore in the Gulf of Mexico. M21K, LLC was formerly known as Natural Gas Partners Assets, LLC and changed its name to M21K, LLC in December, 2012. The company was incorporated in 2012 and is based in the United States. As of August 11, 2015, M21K, LLC operates as a subsidiary of Energy XXI Ltd.

1021 Main Street

Suite 2626

Houston, TX 77002

United States

Founded in 2012

Key Executives for M21K, LLC

M21K, LLC does not have any Key Executives recorded.

M21K, LLC Key Developments

Third Amended Reorganization Plan Approved for Energy XXI Ltd.

The US Bankruptcy Court approved the amended plan of reorganization of Energy XXI Ltd. on December 13, 2016. The debtor has filed its amended plan in the Court on September 14, 2016. As per the amended plan, Administrative Claims, Statutory Fees, Professional Compensation and Other Priority Claims of $96 million will be paid in full in cash. Other Priority Claims of $0.24 million will be paid in full in cash. EXXI Holdings Promissory Notes Claims of $4 million, Intercompany Claims and Intercompany Interests will be retained. First Lien Claims-EPL Sub Facility of $99.40 million will receive $30 million in cash and the remaining amount in debt. First Lien Claims-Exxon LCs of $227.70 million will receive New EGC Sub-Facility of the same amount. Holders of Second Lien Notes Claims will receive 86.9% of the New Equity under the Plan. Holders of Second Lien Notes Deficiency Claim will receive 0.20% of the New Equity. Second Lien Notes Guaranty Claim against EXXI will receive 0.70% of the New Equity. EGC Unsecured Notes Guaranty Claim holders will receive 0.30% of the New Equity. EGC Unsecured Notes Indentures holders will receive 0.10% of the New Equity. EPL Unsecured Notes Claims shall receive its Pro Rata share of the EGC Intercompany Note Trust Distribution, if applicable. EXXI 3.0% Senior Convertible Notes Claims will receive 0.20% of the New Equity. General Unsecured Claims of $17 million will receive approximately $0.78 in cash. EXXI Convertible Notes Claims will receive 1% of the new equity. Trade Claims of $37 million will be paid in full. EXXI Preferred Stock, EXXI Common Stock and Section 510(b) Claims will be cancelled. The plan will be funded from cash in hand, Exit 1L Term Loan of $69.4 million, New EGC Sub-Facility of $227.70 million and issuance of common stocks and warrants.

Third Amended Reorganization Plan Filed by Energy XXI Ltd.

Energy XXI Ltd. filed an amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on September 14, 2016. As per the amended plan, Holders of Second Lien Notes Claims will receive 86.9% of the New Equity under the Plan. Holders of Second Lien Notes Deficiency Claim will receive 0.20% of the New Equity. Second Lien Notes Guaranty Claim against EXXI will receive 0.70% of the New Equity. EGC Unsecured Notes Guaranty Claim holders will receive 0.30% of the New Equity. EGC Unsecured Notes Indentures holders will receive 0.10% of the New Equity. EPL Unsecured Notes Claims shall receive its Pro Rata share of the EGC Intercompany Note Trust Distribution, if applicable. EXXI 3.0% Senior Convertible Notes Claims will receive 0.20% of the New Equity.

Second Amended Reorganization Plan and Disclosure Statement Filed by Energy XXI Ltd.

Energy XXI Ltd., along with its affiliates, filed a second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on July 12, 2016. As per the amended plan filed, other priority claims of $96 million, trade claims of $37 million and secured tax claims of $0.24 million shall be paid in full in cash. EXXI Holdings promissory notes claims of $4 million shall be reinstated. Second Lien notes claims of $1.87 billion shall receive pro rata share of Second Lien New Equity Allocation. EGC unsecured notes claims of $754.5 million and EXXI Convertible notes claims of $366.6 million shall receive pro rata share of the EGC New Equity Allocation and the EGC Warrant Package Allocation. If they vote to reject the plan, they shall receive pro rata share of EGC Warrant Allocation. EPL unsecured notes claims of $216.5 million shall receive pro rata share of EPL Warrant Package Allocation. General unsecured claims of $17 million shall receive their pro rata share of the General Unsecured Claims Distribution. The treatment of the remaining classes won’t change.

Similar Private Companies By Industry

Company Name Region
102 Oil Wells in East Texas Field United States
11 Good Energy, Inc. United States
1280 Horizons, LLC United States
1347 Energy Holdings LLC United States
15 Fields in Williston Basin United States

Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
August 12, 2016
Northstar Offshore Group, LLC
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
The Advertising Council, Inc. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact M21K, LLC, please visit --. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.