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Sable Permian Resources Files for Bankruptcy Protection
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Sable Permian Resources LLC has filed for bankruptcy, according to a recent SEC filing. The company has secured $150 million financing (DIP) to fund operations while the company work with its debt holders. This comes a mere two weeks after it was revealed that the company had skipped its April 2020 interest payment.
Back in 2019, Sable was able to avoid filing Chapter 11 by refinancing its debt, which came at a steep percentage price of 12%.
Sable suspended drilling activity back in April this year, however the company completion activity was suspended back in November of last year. As you can see from the chart below, the company has seen its production fall 29% from November through May of 2020. As production goes so does the a companies ability to service its debt/obligations.
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