Davis Polk Advises First-Lien Administrative Agent in Connection with Enduro Resource Partners’ Bankruptcy Filing

Davis Polk is advising the agent under the Enduro Resource Partners LLC first-lien credit facility and working with a steering committee of first-lien lenders in connection with Enduro’s chapter 11 bankruptcy cases, filed on May 15, 2018, in the United States Bankruptcy Court for the District of Delaware. Prior to the commencement of the chapter 11 bankruptcy cases, holders of 78% of the approximately $209 million in principal amount outstanding under the first-lien credit agreement and 79% of the approximately $141 million in principal amount outstanding under the second-lien credit agreement agreed to a sale and restructuring support agreement that contemplates the sale of substantially all assets of Enduro and its affiliates pursuant to an in-court auction and an orderly wind-down of the estates following confirmation of a chapter 11 plan of liquidation. On May 14, 2018, Enduro entered into purchase and sale agreement with stalking horse purchasers for the sale of three of four asset packages subject to the sale.

 Enduro is a private, sponsor-backed oil and gas exploration and acquisition/exploitation company with a focus on long-lived oil and gas properties in the onshore United States.

The Davis Polk restructuring team includes partner Damian S. Schaible, counsel Michelle M. McGreal and associates Aryeh Ethan Falk and Dylan A. Consla. The mergers and acquisitions team includes partner Leonard Kreynin and associate Camila Panama. The finance team includes partner Monica Holland. All members of the Davis Polk team are based in the New York office.