EP Energy Corporation restructuring plan confirmed by court

first_imgEP Energy Corporation expects to emerge from Chapter 11 in the coming weeks bolstered by $3.3bn deleveraging and new equity financing EP Energy Corporation restructuring plan confirmed by court. (Credit: skeeze from Pixabay) EP Energy Corporation (“EP Energy” or the “Company”) (OTC Pink: EPEGQ) today announced that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) has confirmed the Company’s Plan of Reorganization (the “Plan”). The Company expects to complete its financial restructuring process and emerge from Chapter 11 bankruptcy protection as a private company in the coming weeks.Upon emergence, the Company will reduce its debt by approximately $3.3 billion, will receive approximately $629 million in senior secured exit financing from the Company’s existing revolving loan lenders, and approximately $325 million of new-money equity financing from certain of its existing noteholders. Such deleveraging and financing will ensure that EP Energy will have greater financial flexibility to support ongoing operations.President and Chief Executive Officer Russell Parker said, “This milestone represents the commitment of our financial restructuring, which is being achieved on an expedited basis thanks to the support of our creditors and stakeholders and their confidence in our long-term value creation opportunities. Confirmation of our Plan enables EP Energy to begin taking the final steps in a process that will significantly reduce our debt and strengthen our capital structure. Based on the strength of our assets and our continued improvement on our operational execution and capital efficiency, EP Energy is poised to succeed in this operating environment and drive value for all our stakeholders.”Mr. Parker continued, “I want to thank our dedicated team of employees, who have maintained an unwavering focus and advanced our turnaround plan in the face of continued challenging industry dynamics. On behalf of the EP Energy Board and management team, I also want to express my appreciation for the continued partnership and support of our vendors, lessors and royalty owners. We look forward to completing this process over the coming weeks and beginning our next, stronger chapter together.” Source: Company Press Releaselast_img read more


first_imgIf you would like to advertise in the CCO please contact us at City-County [email protected]: City-County Observer Comment Policy. Be kind to people. Personal attacks or harassment will not be tolerated and shall be removed from our site.We understand that sometimes people don’t always agree and discussions may become a little heated.  The use of offensive language and insults against commenters shall not be tolerated and will be removed from our site.Any comments posted in this column do not represent the views or opinions of the City-County Observer, our media partners or advertisersFacebookTwitterCopy LinkEmailShare,We hope that today’s “READERS FORUM” will provoke honest and open dialogue concerning issues that we, as responsible citizens of this community, need to address in a rational and responsible way.,Todays “Readers Poll’ question is: Should the Presidents of the City Council, Vanderburgh County Commission and County Council been invited to welcome the participants of the Fastpitch Softball tournament to Vanderburgh County? We hope that today’s “READERS FORUM” will provoke honest and open dialogue concerning issues that we, as responsible citizens of this community, need to address in a rational and responsible way.WHAT’S ON YOUR MIND TODAY? If you would like to advertise in the CCO please contact us at City-County [email protected]: City-County Observer Comment Policy. Be kind to people. Personal attacks or harassment will not be tolerated and shall be removed from our site.We understand that sometimes people don’t always agree and discussions may become a little heated.  The use of offensive language and insults against commenters shall not be tolerated and will be removed from our site.Any comments posted in this column do not represent the views or opinions of the City-County Observer, our media partners or advertisers,Todays “Readers Poll’ question is: Should the Presidents of the City Council, Vanderburgh County Commission and County Council been invited to welcome the participants of the Fastpitch Softball tournament to Vanderburgh County?center_img Todays “Readers Poll’ question is: Should the Presidents of the City Council, Vanderburgh County Commission and County Council been invited to welcome the participants of the Fastpitch Softball tournament to Vanderburgh County?last_img read more

Press release: Farmers, growers and processors asked for views on AHDB

first_img We welcome this opportunity to gain feedback from farmers and growers, and to help the industry compete in a global marketplace as the country prepares to leave the EU. We’d encourage views to shape where we can have the biggest impact and drive value as an independent, evidence-based organisation, which carries out marketing at home and abroad, while sharing best practice and innovation with farmers, growers and the wider industry, at this crucial time. Farmers, growers, processors and industry representatives are being asked for their views from today (31 August) on the role of the Agriculture and Horticulture Development Board (AHDB).The AHDB is a UK statutory levy board, funded by farmers, growers and others in the supply chain. As we leave the EU, there is an opportunity to ensure that the sectors that the AHDB covers are as competitive as possible. This review will look at the AHDB’s purpose and priorities, its strengths and where improvements need to be made.This is a joint 10-week exercise covering England, Scotland, Wales and Northern Ireland. The request for views will close on 9 November.Farming Minister George Eustice said: To submit your views please complete the online survey by 9 November. Defra will also be running a number of workshops in the coming weeks . At a time when we are designing a new agriculture policy from first principles, now is also a good time to review the role and function of this agricultural and horticultural levy body. The AHDB collects around £60 million a year in statutory levy from farmers and growers and currently uses that money for a range of purposes to support these sectors. This request for views is an opportunity for levy payers to have their say about the role and function of the various components of the AHDB in the future. Jane King, Chief Executive Officer of the AHDB, said:last_img read more

News story: UK spokesperson statement in response to recent rocket attacks in Iraq

first_imgA UK Government spokesperson said: For journalists Follow the Foreign Office on Instagram, YouTube and LinkedIn The UK has been following recent events in Iraq and the Kurdistan Region of Iraq with concern. Following the attack near Koya, the UK Ambassador to Iraq this week travelled to Kurdistan Region of Iraq to speak to all parties alongside Consul General Erbil. The Iranian attack on Koya was disproportionate and dangerous. The UK supports the statements issued by the Iraqi government, the Kurdish Regional Government and UNAMI. We urge all parties to show restraint, and to respect the sovereignty and territorial integrity of Iraq. The UK further condemns in the strongest terms any violence directed against diplomatic missions, including those of the US, as we have witnessed in Basra and Baghdad in recent days. The UK continues to urge all parties to proceed with the formation of an inclusive government in accordance with the constitutional timeline, which will address the needs and hopes of all Iraqi citizens. Further informationcenter_img Follow the Foreign Office on Twitter @foreignoffice and Facebook Media enquiries Email [email protected]last_img read more

Mighty ‘Gnats.’

first_img Photo: USDA-ARS Until the decapitating flies showed up, Buck Aultman had no way to rid his 20-acre pasture of its pox of fire ant mounds. “You can’t afford to spread fire ant bait out here,” he said.But Aultman’s pasture is now home to a swarm of fierce little flies that may be better than a pesticide. The Tift County farmer is taking part in a research study involving the first Georgia release of phorid flies.About the size of gnats, phorid flies are Brazilian parasitic flies. They feed on fire ants in their reproductive cycle, said Sanford Porter, an entomologist with the U.S. Department of Agriculture’s Agricultural Research Service in Gainesville, Fla.The flies have been successfully introduced in Florida and pose no threat to people or anything else in the environment. “The only things they’re attracted to are fire ants,” Porter said. “For that matter, they’re attracted only to imported fire ants.”Off With Their Heads!Each female phorid fly carries about 200 eggs, Porter said. In the blink of an eye, she lays an egg right behind the head of a fire ant, releasing a deadly enzyme in the process.In about two weeks, the egg hatches, and the small larva crawls into the head of the fire ant, which falls off — really. The larva then feeds, grows, pupates and emerges as an adult from the cleaned-out shell of the fire ant’s head. And the deadly cycle starts again.The 7,000 flies released near Tifton could spread as far as five miles within the next year, said Wayne Gardener, an entomologist with the University of Georgia College of Agricultural and Environmental Sciences. A Boundless BuffetFor phorid flies, Georgia is a boundless buffet of fire ants. Since arriving in the United States from Brazil in the 1930s, fire ants have had no diseases or insects to hamper them. So far, their spread has been limited only by cold weather.But scientists hope phorid flies can change that.”Phorid flies won’t kill out fire ant colonies,” said Beverly Sparks, an UGA Extension Service entomologist. “They will parasitize the ants and reduce the numbers within a colony.”Sparks said the tiny dive bombers harass fire ants endlessly, too, trying to inject their egg time bombs into them. “The result is that the ants spend a lot more time in a defensive posture and less time foraging,” she said. “The colony is thus weakened and hopefully less competitive with native ant species.”A Slow ProcessScientists don’t know how well the flies will survive and how effectively they’ll reduce fire ant numbers. They’ll closely watch the fire ant mounds near the release site. “This is an expensive research project,” Sparks said. “Releases of these flies cost us nearly three dollars per fly.”Since phorid flies spread only a few miles a year, their spread will require a long time unless more funds can be provided to support further releases. “We’d probably have to get local governments involved in the process,” Gardner said. “Maybe even the state government.”That would be fine with Aultman. “Anything to control fire ants,” he said. “I’m all for it.” After eating the contents of the fire ant’s head, a new adult phorid fly emerges to continue a cycle that makes fire ants scurry and humans smile.center_img A dive-bombing phorid fly (center) takes aim to lay an egg behind a fire ant’s head. When the egg hatches, the larva will crawl into the ant’s head, which will fall off and become food for the larva. Photo: Scott Bauer, USDA-ARSlast_img read more

Engaging statistics

first_imgby: Anthony DemangoneWe’ve seen the statistics before. Companies with engaged employees perform better.But we’ve seen these as well:As few as 13 percent of employees are truly engaged while at work.And it gets worse, as other studies point out that only 35 percent of managers are engaged in their work.So I did a little research with my partner, Dr. Google, and I found a gem of an article from Bain and Company: Who’s responsible for employee engagement. (Bain.com)Bain reached out to 200,000 employees across 40 companies, and here’s what they found.Engagement scores drop as employee tenure increases. Now, that could be explained a few ways. Are highly engaged employees more employable, thereby more likely to be recruited? Or is it that in poorly run companies, the more someone knows about its culture, the more disengaged they become? The article didn’t really say, unfortunately.The lower on the org chart, the lower the loyalty.  continue reading » 14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

“I pray every time he goes out the door”: one father’s story of sending his son off to battle coronavirus

first_imgWhile difficult to handle, Fortier is nothing but supportive. He often stays up until Ryan gets off of work just to check in on him. “He loves what he does, I pray every time he goes out the door,” said Fortier, “He looks forward to helping people during this pandemic.” “How he could accidentally contract the virus… you always have a little worry.” Ken Fortier describes his son Ryan as thoughtful and helpful young man. (WBNG) — One local father is sharing his experience of what it’s like to send a child off to battle the coronavirus as a front line worker. And as a parent, Fortier worries.center_img “I’m very proud of Ryan,” he said. All grown up, Ryan works as a patient care assistant at Lourdes Hospital, working with those who are infected with or may have the coronavirus. His job involves dangerous work that he could literally bring home with him, changing out of his scrubs as soon as he gets home. No matter the job or circumstance, his role as dad, never stops.last_img read more

It may take several tries to find right COVID-19 vaccine, PAHO director says

first_img“We do know that if we don’t prepare now, we will miss the opportunity to benefit from (a vaccine) quickly,” she said. “Countries cannot wait to have all of the answers before they start planning and preparing to deliver a COVID vaccine.”National regulators will need to swiftly asses and approve vaccines without cutting corners, Etienne said, adding PAHO was already in contact with regulators.Influenza could put additional pressure on health systems around the region, PAHO Assistant Director Jarbas Barbosa said, recommending countries seek widespread coverage with influenza vaccines. It may take several tries to find the right vaccine for COVID-19, the Pan American Health Organization’s (PAHO) director Carissa Etienne said on Wednesday, as she urged countries to begin preparing vaccination plans.Global reported infections of COVID-19, the disease caused by the new coronavirus, are climbing toward 32 million, according to a Reuters tally, while deaths approach 1 million. Countries in Latin America and the Caribbean are reporting about a million new infections every two weeks.”We hope scientists do uncover an effective vaccine that offers lasting protection against COVID but it may take a few tries before we find the right one,” Etienne said during PAHO’s weekly virtual press conference. “Early vaccines may only provide partial protection or may not work for everyone. We don’t yet know which vaccine will be found safe and effective and how it will work,” she said.Participation in the global COVID-19 vaccine facility known as COVAX is the best way for countries to protect those at severe risk of the disease, Etienne said.Fourteen countries in the region have agreed to self-finance their participation in the program, Etienne said, while another 10 are eligible for cost support. A further 13 have said they intend to participate, she added.Some countries missed the program’s initial deadline, but said over the weekend they would commit as soon as possible.center_img Topics :last_img read more

Martin Keown issues warning to Liverpool and Virgil van Dijk ahead of Sheffield United clash

first_img Sheff Utd v Liverpool: Jurgen Klopp press conferenceTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 16:04FullscreenSheff Utd v Liverpool: Jurgen Klopp press conferencehttps://metro.co.uk/video/sheff-utd-v-liverpool-jurgen-klopp-press-conference-2014830/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.‘They aren’t afraid to test centre backs like that, so Virgil van Dijk will have his hands full. Only one centre back in the Premier League has won more aerial duels than the Dutchman and he will be wearing red and white on Saturday – Jack O’Connell.‘Keep an eye on him from set-pieces. Wilder will relish pitting his wits against Jurgen Klopp on Saturday.‘Like Norwood, he worked hard to get to where he is now. He was named the LMA’s League Two manager of the year in 2016, then League One manager of the year in 2017, then Championship manager of the year in 2019.‘Now in the Premier League, he is trusting in his system. It took down Everton last week. Now he has his eyes on the other half of Merseyside.’More: FootballBruno Fernandes responds to Man Utd bust-up rumours with Ole Gunnar SolskjaerNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira moves Sheffield United star Olivier Norwood (Picture: Getty)‘No side has produced more crosses than Liverpool’s 146, with a league-high 61 coming from Alexander-Arnold, so Wilder’s wing-backs should drop deep to help their defence.’Arsenal legend Keown added: ‘Norwood will be ratting around at the back, too, but he will look to get his head up whenever he gets the chance. He will fire those diagonal balls of his into the channels for his strikers to chase instead.‘There will be space there if Alexander-Arnold and Robertson are stationed high up the pitch, so Liverpool’s centre backs will have to beware that. They should prepare themselves for a few long ball battles at Bramall Lane, too.‘I mentioned how Norwood has produced the second-most passes into the final third in the Premier League. The player who has produced the third most? United goalkeeper Dean Henderson. Comment Advertisement Metro Sport ReporterFriday 27 Sep 2019 6:50 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link978Sharescenter_img Advertisement Liverpool defender Virgil van Dijk has received a warning from Martin Keown (Picture: Getty)Martin Keown has warned Liverpool and Virgil van Dijk about the threat of Olivier Norwood ahead of the Premier League clash against Sheffield United.League leaders Liverpool travel to Bramall Lane on Saturday afternoon hoping to maintain their five-point cushion at the top of the Premier League.Jurgen Klopp’s side may not have it all their own way, however, with Chris Wilder’s Sheffield United enjoying a bright start to life in the top-flight.Norwood has been particularly impressive for the Blades and Keown has identified the Northern Ireland international as the key to unlocking Liverpool’s defence.ADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘If Sheffield United are to upset Liverpool in Saturday’s lunchtime encounter, a week after securing a 2-0 win over Everton, then Oliver Norwood will be key,’ Keown told the Daily Mail.AdvertisementAdvertisement‘Liverpool will be aware of what he can bring. Norwood is so crisp in possession. In all of the Premier League, only Jorginho has hit more passes into the final third than him.‘The 28-year-old drops deep, gets the ball then hits it into the channels. Normally, those passes are meant for his wing-backs, but George Baldock and Enda Stevens could be a bit preoccupied at Bramall Lane on Saturday.‘The hosts will play a back three but as Liverpool’s full backs – two machines in Trent Alexander-Arnold and Andy Robertson – push up, that could become a back five. Martin Keown issues warning to Liverpool and Virgil van Dijk ahead of Sheffield United clashlast_img read more

Netherlands, UK take opposite views on small pension pots

first_imgIn addition, it would reduce costs for pension providers, as they would no longer have to administer large numbers of small pensions.Small pension savings are a particular issue for Dutch workers in the cleaning and hospitality industries, as well as the retail and the temporary employment sectors, where many workers have accrued small savings at several employers.As of next year, pension providers have the right to merge gross annual pension rights of up to €474 accrued as of January 2018, and to transfer these rights to a new provider.Members can’t appeal a decision to transfer rights to a new provider, and can’t take the money out.The new legislation also allows pension funds to cancel annual pension rights of less than €2, which would also reduce administration costs.UK minister shelves ‘pot follows member’ rules Guy Opperman, UK minister for pensions and financial inclusionIn the UK, however, pensions minister Guy Opperman has shelved the so-called “pot follows member” concept.Similar to the Netherlands, the UK has been considering changing rules for small pension pots for some time.In response to a written question about the “potential merits of a system of automatic transfers for individuals who have multiple jobs during their working life”, Opperman said it was “not the right time” to bring in such rules.“The government’s priority for private pension savers in 2018 remains the successful roll-out of automatic enrolment,” Opperman said.He added: “These reforms increase the number of people saving into workplace pensions and ensure confidence in the system. Government, providers, employers and members should focus on these changes. It is therefore not the right time to implement automatic transfers.”Opperman pointed out that all members of defined contribution schemes had “a statutory right to transfer to another pension scheme of their choice”.He also highlighted the development of a pensions dashboard, and said the government planned to publish the findings of a feasibility study for the concept “later in spring 2018”. Dutch pension funds and insurers will be able to automatically transfer small pensions to a new provider after a member has changed jobs and moved to a new pension fund, as of 1 July next year.By then, providers and the Netherlands’ national pensions register will have their IT systems ready to exchange details about small pension pots, according to the Pensions Federation and the Association of Insurers (VvV).Participants will be entitled to value transfer as of 1 January 2019, following the introduction of legislation – known as Wet Waardeoverdracht Klein Pensioen – earlier this year.In a joint statement, the federation and the VvV said the new rules would prevent fragmentation of pension rights and would provide participants with a better overview of their benefits.last_img read more