Sanchez Energy Corp. (fka SNECQ)

[MRJ25]

Oil Driller Sanchez Energy Approved to Exit Chapter 11 -- Market Talk
7:40 pm ET April 30, 2020 (Dow Jones) Print

1931 EDT [Dow Jones] -- The judge presiding over oil driller Sanchez Energy Corp.'s bankruptcy approved a chapter 11 plan that hands the company over to bankruptcy lenders. The restructuring plan takes the unusual step of paying off $200 million debtor-in-possession loan facility with equity, turning Apollo Global Management Inc. and Fidelity Management & Research Co. into Sanchez's largest shareholders. The company was negotiating how to pay them off with cash when oil prices collapsed in March, choking off potential financing sources. Its controlling family had taken the company public in 2011. ([e-mail], @AndrewScurria)