Sabine Oil & Gas Files For Chapter 11; Operations Continuing, CEO Says

摘要

Struggling with heavy debt and deflated oil/gas prices, Houston-based Sabine Oil & Gas Corp. has filed for Chapter 11 bankruptcy protection in New York. “Like many other exploration and production companies, Sabine’s operations have been significantly impacted by the recent and dramatic decline in oil prices, the continued low prices of natural gas, and general uncertainty in the energy market,” the company said. “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,” said CEO David Sambrooks. “Undertaking this process provides an orderly path forward to better align the company’s balance sheet with changing market dynamics.”