Sanchez Energy files for Chapter 11 bankruptcy
Sanchez Energy Corporation announced that the company and certain of its subsidiaries have voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.
America Sanchez Energy intends to use this process to reduce its indebtedness
Topics: Sanchez Energy chapter 11
The company has significant liquidity, comprised of cash on hand and $175 million in new committed financing as described below, to operate in the normal course and intends to interact with its commercial counterparties as usual.
Non-recourse subsidiary SN EF UnSub, LP and certain other unrestricted subsidiaries of the Company are not included in these Chapter 11 proceedings. ■
