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Another Eagle Ford Operator to Default on Debt
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Sabine Oil & Gas Corporation has announced that it has elected to exercise its right to a grace period with respect to a $21 million interest payment due on its 7.25% Senior Notes due 2019.
The interest payment is due June 15, 2015; however, such grace period permits the Company 30 days to make the interest payment before an event of default occurs.
As previously announced, Sabine has retained financial advisors Lazard and legal advisors Kirkland & Ellis LLP to advise management and the board of directors on strategic alternatives related to its capital structure. Sabine believes it is in the best interests of its stakeholders to actively address the Company's debt and capital structure and is continuing discussions with its creditors and their respective professionals. As previously…
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