March 26, 2017 6:48 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Sabine Mid-Continent LLC

Company Overview

Sabine Mid-Continent LLC is engaged in the acquisition, development, exploitation, and exploration of oil and natural gas properties. The company was incorporated in 2012 and is based in the United States. Sabine Mid-Continent LLC operates as a subsidiary of Sabine Oil & Gas LLC.

,  

United States

Founded in 2012

Key Executives for Sabine Mid-Continent LLC

Sabine Mid-Continent LLC does not have any Key Executives recorded.

Sabine Mid-Continent LLC Key Developments

Second Amended Reorganization Plan Approved for Sabine Oil & Gas Corporation

The US Bankruptcy Court approved the second amended plan of reorganization of Sabine Oil & Gas Corporation on July 27, 2016. As per the approved plan, administrative claims of $14 million, statutory fees, professional fees and priority tax claims of $6 million shall be paid in full. Other priority claim of $0.16 million shall receive payment in full in cash of its unpaid portion. Second Lien Adequate Protection Claims of $50 million will be paid full through equity ownership of 5%. RBL secured claim of $926.78 million will have a recovery of 69.1% amounting to $640.4 million. This class will receive cash, $350 million of debt and 93% of new common stock. Senior Notes Claims 2017 of $364.12 million, Senior Notes Claims 2019 of $602.19 million, Senior Notes Claims 2020 of $227.59 million and Each of these claims will have a recovery of $6.19 million, $6.02 million and $2.28 million respectively. Second Lien Deficiency Claims of $668.19 million will have a recovery of 1.7% amounting to $11.36 million in the form of equity. General Unsecured Claims of $241.18 million will have a recovery of 1.7% amounting to $4.1 million in the form of equity. Convenience Claims of $6.74 million will have a recovery of 3% amounting to $0.19 million. Section 510(b) claims shall be cancelled without any recovery. Intercompany claims of $2.38 billion and Intercompany Interests may be reinstated. On the effective date, equity interests in Sabine shall be deemed canceled and extinguished, and no distribution shall be made to them. The plan shall be funded with new common stock and warrants, Exit Revolver Credit Facility in the amount of $200 million, New Second Lien Credit Facility in the amount of $100 million and cash on hand.

Second Amended Reorganization Plan and Disclosure Statement Filed by Sabine Oil & Gas Corporation

Sabine Oil & Gas Corporation filed a second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on April 27, 2016. As per the plan filed, RBL Secured Claims of $926.78 million will have a recovery of 69.1% amounting to $640.4 million. This class will receive cash, $350 million of debt and 93% of new common stock. Other Priority Claims of $0.16 million and Second Lien Adequate Protection Claims of $50 million will be paid in full in cash. Other Secured Claims have been removed as a class as there are no outstanding amounts in this class. Second Lien Deficiency Claims of $668.19 million will have a recovery of 1.7% amounting to $11.36 million in the form of equity. General Unsecured Claims of $241.18 million will have a recovery of 1.7% amounting to $4.1 million in the form of equity. Convenience Claims of $6.74 million will have a recovery of 3% amounting to $0.19 million. Intercompany Claims of $2.38 billion will be reinstated. There are no other changes in the treatment of claims.

Amended Reorganization Plan and Disclosure Statement Filed by Sabine Oil & Gas Corporation

Sabine Oil & Gas Corporation filed an amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 31, 2016. As per the plan filed, admin clams of $14 million and priority tax claims of $6 million will be paid in full in cash. Other Secured claims of $2.5 million will be paid in cash. RBL Secured Claims of $902.15 million will have a recovery of 70.9%, amounting to $639.62 million. This will be paid $300 million in the form of debt and rest in cash and 93% of new common stock. Second Lien Secured Claims of $50 million will receive 5% of new common stock. Senior Notes Claims 2017 of $364.12 million, Senior Notes Claims 2019 of $602.19 million, Senior Notes Claims 2020 of $227.59 million and General Unsecured Claims of $880.19 million will have a recovery of 1.7% in the form of 2% share in the new common stock. Each of these claims will have a recovery of $6.19 million, $6.02 million, $2.28 million and $8.8 million respectively. Convenience Claims will have a recovery of 3% in cash. There are no other changes in the treatment of claims.

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