- Sanchez Energy (OTCPK:SNEC) says it is filing for reorganization under Chapter 11 "to align its capital structure with the continued low commodity price environment."
- Sanchez says it has received commitments from some of its senior lenders for $175M in new financing, of which $25M will be used to repay borrowings and replace a letter of credit.
- Sanchez, which has not made an annual profit since 2013, lists $2.1B in assets and $2.8B in debt, according to court records.
- Sanchez Energy is the parent company of Sanchez Midstream Partners (NYSEMKT:SNMP), which has not declared bankruptcy.