Sabine Bankruptcy | Russell T. Rudy Energy LLC
Last month Sabine Oil & Gas Corp. failed to make a $21 million interest payment. Now, “Rigzone” reports that the company has filed for bankruptcy. Sabine has indicated that it is in “constructive discussions” with lenders and debt holders in an attempt to restructure its balance sheet. The objective is to come up with a consensual agreement as quickly as possible. In the interim the company expects cash on hand and funds from ongoing operations to be adequate.
Sabine President and CEO David Sambrooks made the following observations in a statement issued last week: “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.”
To read the article in its entirety, please go to http://www.rigzone.com/news/article_pf.asp?a_id=139638 .
