Another big bust is bubbling up in the oil patch, as a looming debt payment threatens EP Energy’s ability to remain a going concern
Apollo Global Management LLC and a group of other big investors had black gold in mind when they acquired oil-and-natural-gas producer EP Energy Corp. in a leveraged buyout seven years ago. Instead, the debt-fueled deal has delivered black eyes.
Last month, EP warned in a securities filing that its ability to remain a going concern is in doubt because of a looming payment on some of the $4.25 billion of debt it shouldered to help Apollo and its partners buy the company for $7.15 billion. EP also wrote down the value of its...
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