William Transier, CEO of Endeavour International Corp., announced he will be resigning as the company’s CEO, but sticking around as the company files for bankruptcy.
Transier is stepping down from the company on Dec. 1 but will remain as the chairman on the company’s board while it goes through the bankruptcy process.
Endeavour, a Houston-based energy company, which failed to make interest payments on debts, recently filed for Chapter 11 bankruptcy. The grace period for payments ended on Oct. 1.
The company has reached the restricting support agreement with several of its debt holders. This will reduce the company’s existing debt by an estimated $568 million, including the cancellation of all of its notes. The agreement will also reduce the company’s annual interest load by 43 percent.
Endeavour said they have requested an accelerated bankruptcy process, including a Dec. 17 hearing regarding the company’s reorganization plan. There will also be a hearing on Feb. 3 to receive final bankruptcy confirmation.