Energy Partners Ltd has filed for Chapter 11 bankruptcy, saying that it has reached a deal with noteholders to restructure its debt and provide a "long term solution" for its debts.

The oil and natural gas producer hopes to be out of bankruptcy by the end of July. It will convert $455 million in debt into common stock once it emerges from the bankruptcy.

If you are considering bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.