Oil and gas producer Sable Permian Resources filed for chapter 11 protection in the Southern District of Texas, hit by a slump in oil prices as the COVID-19 pandemic hurts fuel demand, Reuters reported. The Houston-based company said it had secured debtor-in-possession (DIP) financing of $150 million to fund its operations during the restructuring and that it was working with advisers and stakeholders on a range of alternatives. The company was created last year when Aubrey McClendon’s American Energy - Permian Basin LLC, a company he founded in 2014 shortly after being ousted from Chesapeake Energy Corp., merged with its parent company in an attempt to avoid bankruptcy. Chesapeake Energy is itself widely expected to file for bankruptcy under the weight of too much debt and the drop in energy demand and prices.
