CUSIP NO. 29270U105 SCHEDULE 13D/A PAGE 6 OF 8 PAGES
This Amendment No. 5 (this "Amendment") is filed with respect to the
Schedule 13D originally filed with the Commission on December 3, 2007, as
heretofore amended (the "Schedule 13D"), relating to shares of common stock,
par value $0.01 per share (the "Common Stock"), of Energy Partners, Ltd., a
Delaware corporation (the "Issuer"), and amends and supplements the
Schedule 13D.
ITEM 4. PURPOSE OF THE TRANSACTION
Item 4 of the Schedule 13D is hereby amended by the addition of the following:
The Reporting Persons have discussed, and expect to continue to
discuss, their investment in the Issuer's 9.75% bonds due 2014 (the "Bonds"),
and the potential restructuring thereof, with other holders of such Bonds. The
Reporting Persons also have had, and expect to continue to have, such
discussions with the Issuer and its representatives, together with other holders
of Bonds, and separately. Such discussions may involve proposals to revise the
terms of the Bonds, to exchange Bonds for equity of the Issuer, or otherwise.
The Reporting Persons and other holders of the Bonds have jointly retained
counsel connection with their respective investments in the Bonds, and have
formed an Ad Hoc Committee, to negotiate on behalf of bondholders in connection
with the potential restructuring of such debt. The Reporting Persons believe
that the Ad Hoc Committee is not a "group" for purposes of Section 13(d) of the
Securities Exchange Act of 1934.
The Ad Hoc Committee has engaged in discussions with representatives
of the Issuer and with stakeholders of the Issuer, proposed that the Ad Hoc
Committee and the Issuer negotiate the terms of a transaction in which debt
issued by the Issuer would be exchanged for equity in the Issuer, and made
proposals to the Issuer with respect to the composition of the Issuer's board of
directors and other matters. The Reporting Persons anticipate that the Ad Hoc
Committee will continue to engage in discussions and/or negotiations with
representatives of the Issuer and with other stakeholders of the Issuer in the
future regarding the Issuer's performance and prospects, proposals for a
financial restructuring of the Issuer, and other matters. Each holder of Bonds
will make an independent decision regarding any proposal to or from the Issuer
relating to its investment in the Bonds.
The Reporting Persons expressly disclaim membership in a "group"
within the meaning of Section 13(d) of the Exchange Act with any other holder of
Bonds or other debt of the Issuer or any other person, and expressly disclaim
beneficial ownership of any shares of Common Stock beneficially owned by any
other holder of Bonds or other debt of the Issuer.
Except as set forth herein, none of the Reporting Persons has any
present plan or proposal that would relate to or result in any of the matters
set forth in Item 4 of Schedule 13D. The Reporting Persons intend to review
their investment in the Issuer on a continuing basis. Depending on various
factors including, without limitation, the Issuer's financial position and
strategic direction, price levels of the shares of Common Stock and the Bonds,
conditions in the securities market, general economic and industry conditions,
and actions taken by the Issuer's board of directors, the Reporting Persons may
in the future take such actions with respect to their investment in the Issuer
as they deem appropriate including, without limitation, purchasing additional
shares of Common Stock or selling some or all of their shares, electing persons
to the Issuer's board of directors, and, alone or with others, pursuing
discussions with the Issuer, other stockholders, other holders of the company's
debt and third parties with regard to their investment in the Issuer, and/or
otherwise changing their intentions with respect to any and all matters referred
to in Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Paragraphs (a) and (c) of Item 5 of the Schedule 13D are hereby amended and
restated as follows:
(a) As of the close of business on March 6, 2009, the Reporting
Persons beneficially owned an aggregate of 2,994,968 shares of Common Stock,
constituting approximately 9.3% of the shares of Common Stock outstanding.
The percentages used herein are based upon the 32,082,960 shares of
Common Stock reported to be outstanding as of November 3, 2008 by the Issuer in
its quarterly report on Form 8-K for the quarterly period ended September 30,
2008.
(c) There have been no transactions in the shares of Common Stock
by the Reporting Persons during the past sixty days.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO THE SECURITIES OF THE ISSUER
Item 6 of the Schedule 13D is hereby amended by the addition of the following:
The Reporting Persons own approximately $45 million aggregate
principal amount of the Bonds, representing approximately 10% of the outstanding
principal amount of the Bonds, which Bonds were acquired in open market
purchases.
The Reporting Persons expressly disclaim membership in a "group"
within the meaning of Section 13(d) of the Exchange Act with any other holder of
Bonds or other debt of the Issuer or any other person, and expressly disclaim
beneficial ownership of any shares of Common Stock beneficially owned by any
other holder of Bonds or other debt of the Issuer.
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