Houston energy co. files multibillion-dollar bankruptcy

Houston-based EP Energy Corp. filed bankruptcy at close to midnight Oct. 3 as its forbearance agreements with creditors ran dry and the full weight of default was ready to come down.

EP, an oil and gas exploration and production company, is bringing $4.975 billion in debt to Houston’s bankruptcy court, partly offset by $4.19 billion in assets, according to the company’s court filings.

EP defaulted on some of its debt in mid-September, after it ran through the grace period on a skipped interest…

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