Sanchez Creditors Ask For Hold On DIP Financing

Law360 (August 13, 2019, 7:20 PM EDT) -- A group of oil-and-gas-driller Sanchez Energy Corp.’s unsecured debt holders asked a Texas bankruptcy court on Tuesday to put the brakes on the company’s request for Chapter 11 financing, saying the deal needs close scrutiny more than the company needs cash.

The ad hoc group of unsecured noteholders asked the court to deny Sanchez’s request for emergency approval of its $350 million debtor-in-possession package from its secured lenders, saying the company has enough cash to continue operating for months and the deal requires a closer look to make sure Sanchez isn’t signing away potentially valuable claims.

“Few bankruptcy estates demand close...

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