EV Energy Partners LP has recently emerged from Chapter 11 bankruptcy, beginning a “new chapter” for the oil and gas company as a new corporation named Harvest Oil & Gas Corp.

The Houston-based company said June 4 it successfully completed its financial restructuring, resulting in the elimination of about $355 million of debt from its balance sheet.

EV Energy Partners, an MLP, filed for Chapter 11 in early April. Parent firm EnerVest Ltd. and its EnerVest Operating unit did not file for bankruptcy, EV Energy said.

At year-end 2017, EV Energy Partners held roughly $654 million of current liabilities with current assets totaling about $61.4 million, according to a filing with the U.S. Securities and Exchange Commission.

As Harvest, it will now operate as an independent oil and gas company with producing and non-producing properties primarily in the Barnett Shale, San Juan Basin, Appalachian Basin, Michigan, Central Texas, Midcontinent, Permian Basin,  Northern Louisiana’s Monroe Field and Karnes County, Texas.

Harvest also entered into an amended and restated credit facility providing for a new reserve-based revolving loan with an initial borrowing base of $325 million. The company’s total liquidity will be about $46 million. Total debt outstanding is about $297 million and cash on hand is roughly $21 million.

Michael E. Mercer, president and CEO, said in a statement June 4: “Today begins an important new chapter for our company. With significantly less debt, we have ample liquidity and expect to generate free cash flow in excess of our planned capital requirements. We are confident that our diverse asset base will serve as a foundation for our future success.”

Upon completion of the restructuring, Harvest had 10 million shares of its common stock outstanding, which it expects will be traded on the OTC Pink Market under "HVST".

Kirkland & Ellis LLP was legal counsel and Perella Weinberg Partners LP served as financial adviser to the company in connection with its restructuring efforts.

Akin Gump Strauss Hauer & Feld LLP was legal counsel and Intrepid Partners LLC was financial adviser to certain noteholders. Simpson Thacher & Bartlett LLP was legal counsel and RPA Advisors LLC was financial adviser to the administrative agent for the lenders.