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On October 3, 2019, EP Energy Corporation, et al. ("collectively, the "Debtors”) filed voluntary petitions (collectively, the “Bankruptcy Cases”) for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the “Bankruptcy Code”).
The questions and answers that follow provide general information concerning the Bankruptcy Cases, the Official Committee of Unsecured Creditors of EP Energy Corporation, et al. (the “Committee”), and various topics related to the Bankruptcy Cases and the Committee.
Pursuant to the Bankruptcy Code, the United States Trustee (the “US Trustee”) is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors’ committee is a group of general unsecured creditors appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors’ committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor’s business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization. The overarching goal of a creditors’ committee is to maximize value for general unsecured creditors.
In accordance with this authority, on October 21, 2019, the US Trustee appointed the Committee [Docket No. 200].
Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the Debtors concerning the administration of the Bankruptcy Case; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan; (3) participate in the formulation of a plan, advise those represented by the Committee of its determinations as to any plan formulated, and collect and file with the court acceptances or rejections of a plan; (4) request the appointment of a trustee of examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interest of those represented.
The Committee has selected Stroock & Stroock & Lavan LLP to serve as lead bankruptcy counsel, Polsinelli, PC to serve as local counsel, and Pachulski Stang Ziehl & Jones, LLP to serve as conflicts counsel. The Committee also selected Jefferies LLC to serve as investment banker and AlixPartners, LLP to serve as financial advisor (see, [Docket No. 470], [Docket No. 471], [Docket No. 472], [Docket No. 475] and [Docket No. 478].
The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee’s role, please visit the website of the United States Trustee at https://www.justice.gov/ust-regions-r07.
No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtors. Neither the Committee nor its counsel represents individual creditors that may have claims in the Bankruptcy Cases.
The general deadline (also known as the “bar date”) to file proofs of claim is December 16, 2019, pursuant to the Bar Date Order. Click here for a link to the "Submit a Claim" instructions on the Debtors' claims agent website, which includes instructions on how to file a claim electronically or by hardcopy.
If you believe that you or an entity you represent has a claim arising prior to October 3, 2019 against the Debtor(s), you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding whether to file any proofs of claim in the Bankruptcy Cases.
On November 18, 2019, the Debtors filed the Joint Chapter 11 Plan of EP Energy Corporation and Its Affiliated Debtors [Docket No. 430] and the proposed Disclosure Statement for the Joint Chapter 11 Plan of EP Energy Corporation and Its Affiliated Debtors [Docket No. 431]. The hearing to approve the Disclosure Statement has been set for January 6, 2020, at 2:00 p.m. Central Time (see the Notice of Hearing [Docket No. 436]).