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Sanchez's Lenders Poised to Take Majority Control of Company
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Sanchez Energy Corp. has reached a preliminary agreement with its top lenders, which will give the lenders majority control of the company, according to a report by the Wall Street Journal.
Sanchez filed for bankruptcy in August 2019 and was given $200 million by lenders to facilitate the Chapter 11 process and emergence. Sanchez has since admitted that it won't be able to repay the $200 million bankruptcy loan.
The company's attempts to restructure its $2.3 billion debt load hit a standstill in March when E&Ps were hit with the oil price decline as well as the COVID-19 pandemic. This caused the financing options available to Sanchez to quickly disintegrate.
The agreement is still in the process of being finalized. Should it ultimately come to fruition, it will shield Sanchez from having to fully liquidate.
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