Scandoil  

Sabine voluntarily files Chapter 11 petitions to facilitate balance sheet restructuring


Published Jul 16, 2015
[an error occurred while processing this directive]

Edit page New page Hide edit links

Sabine Oil & Gas Corporation

Sabine Oil & Gas Corporation has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York to facilitate the restructuring of its balance sheet. Sabine continues to engage in constructive discussions with its lenders and debt holders regarding the terms of a consensual financial restructuring plan and is focused on achieving a resolution as expeditiously as possible.

David Sambrooks, President and Chief Executive Officer of Sabine, said, "The actions we are announcing today represent an important step forward in our efforts to strengthen the Company's capital structure. 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."

Mr. Sambrooks continued, "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. We want to thank our employees for their continued dedication during this time as well as our service providers and suppliers for their ongoing support. We intend to emerge with increased financial flexibility and a sustainable capital structure that will enable us to devote capital to grow our business."

Tags: Sabine Oil & Gas Corporation




Advertisment:

Comments on this page are closed.

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml