Sanchez Energy Files Ch. 11 To Cut $2.3B Debt Load

Law360 (August 12, 2019, 10:38 AM EDT) -- South Texas oil and gas driller Sanchez Energy Corp. filed for Chapter 11 on Sunday, saying low energy prices have left it unable to handle the more than $2.27 billion in debt it racked up from recent acquisitions.

In its Chapter 11 declaration filed in a Texas bankruptcy court, Sanchez said its “burdensome interest expense obligations” can’t be sustained with its current and projected income, and that it would have faced the choice between paying the interest and having enough cash to stay in business.

“Undergoing a financial restructuring through a voluntary process represents the next phase for Sanchez Energy, as...

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