
Sanchez Energy Corporation
Case No. 19-34508
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:
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:
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
Parties
Debtors' Counsel
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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
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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
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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
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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
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Office of the United States Trustee
515 Rusk Street
Suite 3516
Houston, TX 77002
https://www.justice.gov/ust-regions-r07/region-7-southern-district-texas-houston-division
Phone: 713.718.4650
Fax: 713.718.4670
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United States Bankruptcy Court, Southern District of Texas
United States Courthouse
515 Rusk Avenue
Houston, TX 77002
http://www.txs.uscourts.gov/offices/houston-division
Phone: 713.250.5500
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 |