Energy XXI files for bankruptcy after $5B expansion

Houston, Texas-based Energy XXI Ltd. yesterday filed for Chapter 11 bankruptcy, only a few years after spending $5 billion to acquire other oil companies and properties.
 
The U.S. oil and gas exploration company – as well as the largest publicly traded independent producer in the Gulf of Mexico – also had planned an expansion into southeast Asia prior to seeking bankruptcy protection.
 
Now, Energy XXI said it has reached a restructuring agreement with noteholders, according to Bloomberg Business.
 
Bankruptcy filings show Energy XXI listed $1.8 billion in assets and $3.6 billion in debt.
 
Read more from Bloomberg Business.