EP Energy Files Bankruptcy as Oil Rallies Too Little, Too Late

EP Energy Corp. filed for bankruptcy, joining more than two dozen oil producers that have gone bust in the energy sector’s renewed slump.

The company’s Chapter 11 filing in Houston listed $4.98 billion in liabilities and $4.19 billion in assets. An emergency first-day hearing is slated for 11 a.m. Friday in Houston, with Judge Marvin Isgur set to oversee the case.

The troubled driller reached a deal with bondholders including Elliott Management Corp. and Apollo Global Management Inc. that would slash debt by $3.3 billion and hand creditors as much as 99% of the equity in a reorganized company, David ...