Sabine Oil & Gas Submits $2.9B Restructuring Plan In Ch. 11

Law360, New York (January 26, 2016, 7:40 PM EST) -- Sabine Oil & Gas Corp. submitted a Chapter 11 plan Tuesday in New York federal court and asked the court for permission to begin soliciting creditors on the gas and oil producer's plan to restructure $2.9 billion in debt.

Sabine submitted its plan and a disclosure statement that's intended to give the debtor's financial stakeholders a clear idea of how the company intends to restructure itself. The company filed for bankruptcy in July, blaming its significant debt on a dramatic plunge in oil prices.

The plan contemplates a debt-for-equity swap that would turn over control of the reorganized Sabine to the...

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