Sable Permian gets nod to mediate bid procedures and examiner motions

By Caroline Salls

Pittsburgh, July 27 – Sable Permian Resources, LLC’s motion asking the U.S. Bankruptcy Court for the Southern District of Texas to appoint a judicial mediator for its Chapter 11 case was approved Friday.

Chief judge David R. Jones was appointed as mediator.

As previously reported, Sable filed a motion on June 29 seeking approval of bid procedures for a dual-track sale process under which it is soliciting offers for an asset sale or plan of reorganization sponsorship.

The company said the sale process will continue uninterrupted by any mediation.

On July 7, a group of holders of Sable’s senior secured first-lien notes due 2024 filed a motion requesting appointment of an examiner. The company said it intends to object to that request.

According to Friday’s motion, the hearings on the examiner appointment and bid procedures motions were adjourned until Aug. 4 to allow the recently appointed official committee of unsecured creditors to get up to speed in the Chapter 11 cases.

“The bid procedures motion, the examiner motion and these Chapter 11 cases more generally involve a number of complex issues,” the motion said.

“The fair and efficient resolution of these issues is critical to maximizing the value of the debtors’ estates.”

The mediation parties will include Sable, independent managers Richard Alario, Peter Kravitz and Robert Reeves, the committee, the noteholder group, administrative agent JPMorgan Chase Bank, NA and Sable equity sponsors the Energy & Minerals Group, OnyxPoint Global Management LP and Sable Management, LP.

Sable is a Houston-based oil and gas acquisition, development and optimization company. The company filed bankruptcy on June 25 under Chapter 11 case number 20-33193.

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