HOUSTON – A Houston-based oil company has filed for Chapter 11 bankruptcy.
Sabine Oil & Gas Corporation announced Wednesday that it filed voluntary petitions for relief because its operations have been impacted by the decline in oil and natural gas prices, as well as uncertainty in the market.
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"The actions we are announcing today represent an important step forward in our efforts to strengthen the Company's capital structure. Following a comprehensive review of our alternatives, the Board of Directors and management team determined that this process would produce the best outcome for Sabine and its stakeholders. Undertaking this process provides an orderly path forward to better align the Company's balance sheet with changing market dynamics," David Sambrooks, president and CEO said in a news release.
Sambrooks also said Sabine's balance sheet restructuring process is intended to help the company emerge with the financial flexibility to grow its business.
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