Energy Partners Ltd announced on Friday that they had filed for Chapter 11 bankruptcy protection. They have also come to an agreement with their senior noteholders that should significantly cut their debt.

The company has listed $770.4 million in assets and $708.4 million in debts. Their largest unsecured creditor, K2 and Associates Investment Management Inc, is owed $48.9 million.

If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.