Sanchez Energy Corporation

Case No. 19-34508

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Case Background

On August 11, 2019, Sanchez Energy Corporation (OTC Pink: SNEC) ("Sanchez Energy" or the "Company") and ten (10) affiliated debtors (collectively, the "Debtors") each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the "Court").  The cases are pending before the Honorable Marvin Isgur, and are jointly administered under Case No. 19-34508.

Sanchez Energy Corporation announced that the Company and certain of its subsidiaries have voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company’s decision to make this voluntary filing follows an extensive review of strategic alternatives to align its capital structure with the continued low commodity price environment, and Sanchez Energy intends to use this process to substantially reduce its indebtedness and provide the financial flexibility to position the Company for future success. The Company has significant liquidity, comprised of cash on hand and $175 million in new committed financing, to operate in the normal course and intends to interact with its commercial counterparties as usual. Non-recourse subsidiary SN EF UnSub, LP and certain other unrestricted subsidiaries of the Company are not included in these Chapter 11 proceedings.

As part of the Chapter 11 filing, the Company has filed a number of customary motions with the Court to authorize the Company to pay certain pre-petition obligations. Among other things, these motions seek authorization for Sanchez Energy to continue to operate in the normal course of business without interruption to its relationships with its royalty interest owners, working interest and joint billing partners, among others.

Stakeholders can call the Company’s Information Hotline toll-free at 844.232.0067 (or 917.942.6393 for international calls) or sending an email to sanchezinfo@primeclerk.com.

The following stakeholder FAQs can be found in the below links:

• Vendor FAQs
• Royalty Owner FAQs
• Investor FAQs

Important Information & Dates

A hearing on the Debtors' First Day Motions was held on August 13, 2019 at 9:00 a.m. (CT) before the Honorable Marvin Isgur, United States Bankruptcy Court for the Southern District of Texas, 515 Rusk Street, Courtroom 404, Houston, Texas, 77002.  A final hearing on certain of the First Day Motions was held on September 19, 2019 at 2:00 p.m. (CT).  Please click below to view and download the Debtors' First Day Motions and First Day Orders:

First Day Motions

First Day Orders

Deadline to File Claims

The Bankruptcy Court has set the following deadlines for filing proofs of claim against the Debtors:

  • General Claims Bar Date:  January 10, 2020 at 5:00 p.m. (CT)
  • Governmental Claims Bar Date: February 7, 2020 at 5:00 p.m. (CT)

Click on the "Submit a Claim" link to download a proof of claim form and for more information regarding filing a claim against the Debtors.

Disclosure Statement & Plan

On April 6, 2020, the Debtors filed their Plan of Reorganization and the Disclosure Statement related thereto.  The Bankruptcy Court held a telephonic hearing to consider approval of the Disclosure Statement on April 30, 2020 at 9:00 a.m. (CT).  On April 30, 2020, the Bankruptcy Court entered an order confirming the Plan.  On June 30, 2020, the Effective Date of the Plan occurred, and the Plan was consummated.

Dates

DonwlaodClaim
August 11 2019 Petition Date Voluntary Peti... Add to Calendar
June 30 2020 Effective Date Notice of Effe... Add to Calendar
June 10 2021 Final Decree Closing Hearing 9:00 a.m. (CT) Motion for Fin... Add to Calendar
+ SHOW ALL DATES
August 11 2019
Petition Date Voluntary Petitions Add to Calendar
August 13 2019 9:00 a.m. (CT)
First Day Hearing First Day Motions Add to Calendar
September 19 2019 2:30 p.m. (CT)
Final Hearing on First Day Motions First Day Orders Add to Calendar
October 10 2019 2:30 p.m. (CT)
Meeting of Creditors Notice of Commencement/341 Notice Add to Calendar
October 16 2019 1:30 p.m. (CT)
Final Hearing on First Day Motions Notice of Reset of Hearing on Debtors' Emergency Motion for Entry of Interim and Final Orders (I) Authorizing the Debtors to Continue to (A) Operate Their Cash ... Add to Calendar
January 8 2020 1:30 p.m. (CT)
Hearing Agenda Agenda for Hearing on 1/8/2020 (Filed By Sanchez Energy Corporation ). Add to Calendar
January 10 2020 5:00 p.m. (CT)
General Claim Bar Date Order (I) Setting Bar Dates for Filing Proofs of Claim, Including Requests for Payment Under Section 503(B)(9); (II) Establishing Amended Schedules Bar Date and... Add to Calendar
February 7 2020 5:00 p.m. (CT)
Governmental Claim Bar Date Order (I) Setting Bar Dates for Filing Proofs of Claim, Including Requests for Payment Under Section 503(B)(9); (II) Establishing Amended Schedules Bar Date and... Add to Calendar
April 8 2020 2:30 p.m. (CT)
Disclosure Statement Hearing Plan & Disclosure Statement Add to Calendar
April 16 2020 2:00 p.m. (CT)
Hearing Notice of Reset Hearing. (Related document(s):638 Emergency Motion, 735 Order on Emergency Motion, 796 Notice, 797 Motion for Approval, 804 Order Setting Hearin... Add to Calendar
April 30 2020 9:00 a.m.
Disclosure Statement Hearing Plan & Disclosure Statement Add to Calendar
June 18 2020 8:00 a.m. (CT)
Sale Hearing Notice of Electronic Hearing. (Related document(s):1297 Emergency Motion, 1307 Courtroom Minutes, 1309 Emergency Motion, 1310 Motion to Seal) Filed by Sanchez... Add to Calendar
June 30 2020
Effective Date Notice of Effective Date. Filed by Sanchez Energy Corporation Add to Calendar
July 30 2020
Administrative Bar Date Notice of Effective Date. Filed by Sanchez Energy Corporation Add to Calendar
June 10 2021 9:00 a.m. (CT)
Final Decree Closing Hearing Motion for Final Decree Filed by Debtor Sanchez Energy Corporation Hearing scheduled for 6/10/2021 at 09:00 AM at telephone and video conference. (Attachments: ... Add to Calendar

Parties

Debtors' Counsel

  • Jackson Walker L.L.P.

    1401 McKinney Street, Suite 1900
    Houston, TX   77010
    https://www.jw.com/
    Phone: 713.752.4284
    Fax: 713.308.4184

    Matthew D. Cavenaugh

  • Akin Gump Strauss Hauer & Feld LLP

    2300 N. Field Street, Suite 1800
    Dallas, TX   75201
    https://www.akingump.com/en/
    Phone: 214.969.2800
    Fax: 214.969.4343

    Marty L. Brimmage, Jr.
    Lacy M. Lawrence

  • Akin Gump Strauss Hauer & Feld LLP

    One Bryant Park
    New York, NY   10036
    https://www.akingump.com/en/
    Phone: 212.872.1000
    Fax: 212.872.1002

    Ira S. Dizengoff
    Jason P. Rubin
    Naomi Moss

  • Akin Gump Strauss Hauer & Feld LLP

    2001 K Street, N.W.
    Washington, D.C.   20006
    https://www.akingump.com/en/
    Phone: 202.887.4000
    Fax: 202.887.4288

    James Savin

United States Trustee and Court Information

Debtors

Case Number Debtor Name Petition Date
Case Number 19-34508 Debtor Name Sanchez Energy Corporation Petition Date August 11, 2019
Case Number 19-34509 Debtor Name SN Palmetto, LLC Petition Date August 11, 2019
Case Number 19-34510 Debtor Name SN Marquis LLC Petition Date August 11, 2019
Case Number 19-34511 Debtor Name SN Cotulla Assets, LLC Petition Date August 11, 2019
Case Number 19-34512 Debtor Name SN Operating, LLC Petition Date August 11, 2019
Case Number 19-34513 Debtor Name SN TMS, LLC Petition Date August 11, 2019
Case Number 19-34514 Debtor Name SN Catarina, LLC Petition Date August 11, 2019
Case Number 19-34515 Debtor Name Rockin L Ranch Company, LLC Petition Date August 11, 2019
Case Number 19-34516 Debtor Name SN EF Maverick, LLC Petition Date August 11, 2019
Case Number 19-34517 Debtor Name SN Payables, LLC Petition Date August 11, 2019
Case Number 19-34518 Debtor Name SN UR Holdings, LLC Petition Date August 11, 2019