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Sabine Oil & Gas Plan Effective

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Sabine Oil & Gas’ Second Amended Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on July 27, 2016.

Sabine Oil & Gas’ C.E.O., David Sambrooks, comments, “Sabine has successfully restructured its balance sheet, addressing its leverage and liquidity needs….We look forward to working under the guidance of our new, remarkably experienced board to create value for our new ownership group.”

As previously reported, “On the Effective Date, the Reorganized Debtors will enter into the New Second Lien Credit Facility. The New Second Lien Credit Facility will consist of a term loan under the New Second Lien Credit Facility Agreement secured by second priority security interests in and liens on substantially all of the Reorganized Debtors’ assets with (a) a principal amount of $150 million, (b) an interest rate of LIBOR plus 10%, subject to a 1% floor, (c) annual amortization of 1%, (d) a maturity date of December 31, 2021, and (e) such other terms as provided in the New Second Lien Credit Facility.”

This oil and gas exploration and production company filed for Chapter 11 protection on July 15, 2015, listing $2.4 billion in pre-petition assets. Read more Sabine Oil & Gas bankruptcy news.

The post Sabine Oil & Gas Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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