Sabine Oil & Gas emerges from bankruptcy as private companyStaff Writer | August 15, 2016
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.
End of bankruptcy Commitments of $200 million
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. ■