RSS   Newsletter   Contact   Advertise with us
Post Online Media
Post Online Media Magazine

Sabine Oil & Gas emerges from bankruptcy as private company

Share on Twitter Share on LinkedIn
Staff Writer | August 15, 2016
Sabine Oil & Gas
End of bankruptcy   Commitments of $200 million

Sabine Oil & Gas Corporation announced that its Chapter 11 Plan of Reorganization has gone effective and the company has emerged from bankruptcy as a private company.

The plan 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.

Sabine Oil & Gas completed an effective balance sheet restructuring that involved a debt-for-debt exchange, a debt-toequity conversion, and the issuance of warrants to purchase stock in the newly-formed parent holding company of the reorganized company.

Sabine Oil & Gas emerged from bankruptcy with a significantly stronger balance sheet and renewed ability to focus on creating value from its compelling asset base.


What to read next
POST Online Media Contact