Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Energy

Sabine Oil & Gas Chapter 11 Petition Filed

Sabine Oil & Gas and nine affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 15-11835. The Company, which is engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties, is represented by Jonathan S. Henes of Kirkland & Ellis. According to a corporate release, Sabine Oil & Gas "continues to engage in constructive discussions with its lenders and debt holders regarding the terms of a consensual financial restructuring plan." David Sambrooks, Company president and C.E.O, comments, "Following a comprehensive review of our alternatives, the Board of Directors and management team determined that this process would produce the best outcome for Sabine and its stakeholders. Undertaking this process provides an orderly path forward to better align the Company's balance sheet with changing market dynamics. We remain committed to maintaining operational excellence and executing within our current strategy--and importantly, we fully expect to continue operating in the ordinary course." Sabine Oil & Gas expects that its cash on hand, combined with funds generated from ongoing operations, will provide sufficient liquidity to support the business during the balance sheet restructuring process. The Company notes that, like others in the industry, its operations have been significantly impacted by the "recent and dramatic decline" in oil prices, ongoing low natural gas prices and "general uncertainty in the energy market."

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