In court papers, the company listed assets of about $2.5 billion and total liabilities of $2.9 billion, including $1.15 billion in unsecured debt.
Sabine owes $1 billion to a group of lenders led by Wells Fargo Bank, while lenders led by Bank of America are owed $700 million in second-lien debt. Sabine also owes $350 million under unsecured notes due in 2017, $577 million in notes due 2019 and about $222 million in notes due 2020.
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Last month, Sabine missed a $21 million interest payment on its senior bonds and decided to exercise a 30-day grace period while it negotiated with creditors. That grace period expired Wednesday. Sabine had missed another interest payment on its second-lien loan in April.
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Last year, Sabine combined with Forest Oil Corp. in an all-stock transaction that gave Sabine investors a 73.5% stake in the combined company. It is currently involved in litigation related to that acquisition, which could complicate its path through bankruptcy.
The Houston-based company explores and develops onshore oil and gas properties in Texas and Louisiana. The company operates or has interests in more than 2,000 production sites and employs 165 full-time workers, court papers show.
Sabine said it expects to keep its doors open while in bankruptcy, supported by existing cash and revenue from ongoing operations. The company, which will make it first appearance in bankruptcy court Thursday, has already asked Judge Shelley Chapman for permission to continue to access its bank accounts, pay employees and otherwise maintain its routine operations.
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