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Brief -- EVEP Nears Bankruptcy

EV Energy Partners LP(EVEP), the upstream master limited partnership of EnerVest Ltd., has agreed with its bondholders and lenders to restructure the company in a prepackaged Chapter 11 bankruptcy filing. The restructuring would among other things amend the company’s lending facility and eliminate more than $343 million of principal and interest on its senior notes. In exchange, creditors would receive 95% of the reorganized company’s equity. EVEP said it expects to file the bankruptcy plan by April 8. EnerVest Ltd. and EnerVest Operating LLC are not seeking bankruptcy protection. EnerVest Operating would continue to operate assets for EVEP in the San Juan Basin, Appalachian Basin and those in Michigan and Texas, including wells in the Barnett Shale and Permian Basin. 

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