EV Energy Partners plans to file for bankruptcy to restructure and reduce its debt, according to theĀ Houston Chronicle.

The company said it has agreed to a bankruptcy plan with a majority of its lenders to renegotiate its debt and restructure its ownership in order to avoid a financial default.

EV Energy Partners is the publicly traded business of Houston energy investment firm EnerVest. Despite the bankruptcy of EV Energy Partners, its parent firm is not filing for bankruptcy.

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