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Debt-Loaded Sabine Enters into Forbearance Agreement
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Sabine Oil & Gas Corporation has entered into a forbearance agreement with the lenders under its second lien term loan facility.
The forbearance agreement will provide the Company with additional flexibility as it continues discussions with its creditors and their respective professionals regarding the Company's debt and capital structure. The Company's financial advisors, Lazard, and legal advisors, Kirkland & Ellis LLP, are advising management and the board of directors on strategic alternatives related to its capital structure.
As previously reported, as of May 8, 2015, the Company had a cash balance of approximately $276.9 million, which provides substantial liquidity to fund its current operations. The Company is continuing to pay suppliers and other trade creditors in the ordinary…
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