Houston-based Sabine Oil & Gas Corp. emerged from bankruptcy yesterday after more than a year after it filed, the Houston Business Journal reported yesterday. The exploration and production company also closed on its new senior secured credit facility, which has an initial borrowing base of $150 million, and on its new $150 million second lien term loan. Sabine’s chapter 11 reorganization included a debt-for-debt exchange, a debt-to-equity conversion and the issuance of warrants to purchase stock in Sabine’s new parent holding company. According to Sabine’s July 2015 chapter 11 filing with U.S. Bankruptcy Court for the Southern District of New York, the company had $2.48 billion in assets and nearly $2.91 billion in liabilities as of May 31, 2015. Read more.
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