Energy Partners and its subsidiaries will persist to manage their properties and operate their businesses in the ordinary course throughout the Chapter 11 process while the company is seeking confirmation of its reorganization plans under the jurisdiction of the Bankruptcy court.
In addition to the filing of the chapter 11 cases, Energy Partners asked the Bankruptcy court to consider many first day motions on an expedited basis benefiting its employees, vendors, and other service providers. Notably, the company plans, under the plan of reorganization, to pay all its vendors and other service providers in full, whether their claims arose prior to or after the filing of the Chapter 11 cases, and to continue paying its employees’ salaries and benefits and to maintain its cash management systems.
