(Reuters) - Oil and natural gas producer Energy XXI Ltd EXXI.O will prepare for bankruptcy protection as soon as a grace period for missed interest payments expires on Thursday, Bloomberg reported on Wednesday, citing people with knowledge of the matter.
The Houston-based company previously missed two interest payments on a total of $1.6 billion of debt on March 15, Bloomberg reported. (bloom.bg/1Vq2VB4)
Energy XXI could not be immediately reached for comment.
The company had said on March 9 that it might seek Chapter 11 bankruptcy protection if oil prices remained low and it failed to refinance its debt.
Reporting by Manish Parashar in Bengaluru; Editing by Savio D’Souza
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