EV Energy Partners LP, the parent company of the energy private equity firm EnerVest Ltd., completed its Chapter 11 bankruptcy proceedings, emerging as a new corporation under the name Harvest Oil & Gas Corp.
The new company removed $355 million of debt and interest through the financial restructuring and entered into an amended credit facility with an initial borrowing base of $325 million, which is scheduled for redetermination in April 2019. Harvest's total liquidity will be about $46 million, with a total outstanding debt of $297 million and cash on hand of about $21 million, according to a June 4 news release.
Michael Mercer, James Murchison, Colby Dunn, Steven Pully and Patrick Hickey were named as Harvest's new directors, effective June 4.
After the restructuring, Harvest will have 10,000,000 common shares outstanding and 800,000 of warrants with a five-year term for common stock purchases at $37.48. The company expects to trade on the OTC Pink Market under the ticker HVST.
Kirkland & Ellis LLP served as legal counsel and Perella Weinberg Partners LP served as financial adviser to the company for the restructuring.
