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Financials

Mount Kellett's oil and gas woes continue with Energy XXI

NEW YORK, Feb 16 (Reuters) - Mount Kellett Capital Management was still among the largest shareholders of Energy XXI at year-end, according to a filing with U.S. regulators, as the fund’s woes in the oil and gas sector continue to mount.

Energy XXI said it would miss an interest payment and retained restructuring advisors on Tuesday.

The investment fund founded by former Goldman Sachs trader Mark McGoldrick, had 5.9 million Energy XXI shares as of Dec. 31, according to the filing. Mount Kellett’s position in the oil and gas company was worth around $180 million in 2013, but would currently be worth less than $3 million.

Mount Kellett’s other oil and gas investments have included Quicksilver Resources, which filed for bankruptcy in March 2015, and SandRidge Energy Inc, which hired restructuring advisors in January.

Mount Kellett is co-managed by Fortress Investment Group. (Reporting by Michael Erman; Editing by Sandra Maler)

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