Sabine Oil & Gas Emerges from Bankruptcy
[Click image to enlarge]
Sabine Oil & Gas Corporation has emerged from bankruptcy as its Chapter 11 plan of reorganization was confirmed by the United States Bankruptcy Court for the Southern District of New York on July 27, 2016. In conjunction with its emergence from Chapter 11, the company closed on its new senior secured credit facility, which has commitments of $200 million and an initial borrowing base of $150 million, and on its new $150 million second lien term loan.
The company completed an effective balance sheet restructuring that involved a debt-for-debt exchange, a debt-to-equity conversion, and the issuance of warrants to purchase stock in the newly-formed parent holding company of the reorganized company. The company emerged from bankruptcy with a significantly stronger balance sheet and renewed ability to focus on creating value from its compelling asset base.
“Sabine has successfully restructured its balance sheet, addressing its leverage and liquidity needs. Throughout this process we have valued and appreciated the support and guidance of our outgoing board of directors as well as our professional advisors. Above all, I am humbled by the dedication and outstanding effort of our employees, and have great optimism for the next chapter of our organization. We look forward to working under the guidance of our new, remarkably experienced board to create value for our new ownership group,” said David Sambrooks, chief executive officer of Sabine.
About Sabine Oil & Gas
Sabine Oil & Gas Corporation is an independent energy company engaged in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the United States. The company’s current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, the Granite Wash in the Texas Panhandle and the North Louisiana Haynesville.
To stop by Sabine Oil & Gas’ website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2016 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
