The federal government charged Houston-based Energy XXI founder John Schiller on Monday with failing to disclose more than $10 million in personal loans and perks from corporate vendors and board members in exchange for contracts and appointments.
The former head of a Houston-based oil producer agreed to be fined and banned from holding executive positions to settle a regulator’s claims that he financed a lavish lifestyle with unreported loans from company vendors and a hedge fund manager who was seeking a board seat.
US oil and gas explorer Energy XXI has filed for bankruptcy protection after spending $5billion on acquisitions in the years leading up to the crude slump.
Energy XXI said it has chosen not to make an interest payment due due today as it continues to hold talks with its debtholders related to alternative to improve its capital structure.
