Lilis Energy to Pursue Sale After Värde Funds Declined to Invest

Lilis Energy said certain investment funds and entities affiliated with Värde Partners have declined to pursue a new money investment in the company to sponsor a chapter 11 plan of reorganization.

• The exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico will immediately begin pursuing a process to sell substantially all of its assets through the chapter 11 process
• “While the company is disappointed that the Värde Funds declined to pursue the new money investment contemplated by the RSA, we are confident there will be significant interest in the company’s highly contiguous block ...