Energy XXI delays interest payment on unit

Tue Mar 15, 2016 7:40am EDT
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March 15 (Reuters) - U.S. oil and gas producer Energy XXI Ltd said on Tuesday it had delayed paying the interest due on the debt of one of its subsidiaries, as it continues to work with advisers to slash debt.

Energy XXI said it was delaying interest payment due on March 15 on Energy XXI Gulf Coast Inc's debt, commencing a 30-day grace period.

The company, however, paid the interest on the debt of one of its other subsidiaries, EPL Oil and Gas Inc, that was originally due on Feb. 16 and was deferred.

Energy XXI, which owes about $3.3 billion, said in a regulatory filing this month that it may file for bankruptcy if oil prices remain low. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Anupama Dwivedi)