Sanchez Energy Approved to Exit Bankruptcy; Ownership Not Set

U.S. Bankruptcy Judge Marvin Isgur approved a plan that will hand ownership to company creditors after a future court fight determines how to divide stock in the reorganized oil driller.

• Under a plan worked out in confidential mediation, lenders, bondholders and other unsecured creditors agreed to a deal that values the company at about $85 million
• Company will exit bankruptcy without any funded debt; creditors had been owed at least $2.4 billion; those debts and all old shares will be canceled by the reorganization plan
• The case is Sanchez Energy Corporation, 19-34508, U.S. Bankruptcy Court for the Southern District ...