New York-based Evercore Capital Partners has led a recapitalisation in Davis Petroleum, teaming with company management and co-investors Red Mountain Capital Partners and Bain Capital-affiliate Sankaty Advisors to take a control stake in the company’s equity for $150 million (€126 million).
The transaction is being facilitated through a pre-packaged Chapter 11 bankruptcy filing in which all of the company’s creditors will be paid in full, according to a statement.
