Sabine Oil & Gas requests 120-day exclusivity period extension

By Mark Reccek

Bethlehem, Pa., Feb. 5 – Sabine Oil & Gas Corp. requested court authorization to extend its exclusive periods for filing a Chapter 11 plan of reorganization and soliciting votes on the plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

The company is requesting an extension of its exclusive filing period through June 9 from March 11 and an extension of its solicitation period through Aug. 9, 2016 from May 10.

The company said while it has made progress in filing its Chapter 11 plan and seeking to negotiate a resolution with key stakeholders, additional time is needed due to the large size of the cases.

“There can be no question, then, that the size and complexity of these Chapter 11 cases, as exacerbated by the current commodities pricing environment, weigh in favor of extending the exclusivity periods to allow the debtors to formulate and prosecute a viable plan,” the motion said.

A hearing is scheduled for Feb. 22.

Formerly Forest Oil Corp., Sabine is an oil and gas company based in Houston that filed for bankruptcy on July 15 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 15-11835.

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