Sabine Oil & Gas Corp. - 2015-07-01


Company and lenders amended the forbearance agreement to its revolving credit facility. Additional financial flexibility will be available as Sabine discusses debt and capital structure with creditors and professionals. Lenders agreed to not exercise remedies until there is a default under the forbearance or facility, or remedies are accelerated by any other lenders or creditors during the July 15 forbearance period. During this time Sabine will limit the sale of its assets, appoint a chief restructuring officer, separate proceeds from collateral under the facility and pay a forbearance fee equal to $500,000. Lazard is Sabine’s financial adviser. Kirkland & Ellis LLP is advising management and the board of directors on capital structure strategic alternatives.

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