On Aug. 11, Sabine Oil & Gas Corp. said its Chapter 11 Plan of Reorganization, which was confirmed by the United States Bankruptcy Court for the Southern District of New York on July 27, became effective; and upon this emergence of bankruptcy, it is now a private company.

In conjunction with its emergence from Chapter 11, Sabine closed on its new senior secured credit facility, which has commitments of $200 million and an initial borrowing base of $150 million, and on its new $150 million second-lien term loan.

During the reorganization, Sabine completed a debt-for-debt exchange, a debt-to-equity conversion and the issuance of warrants to purchase stock in its newly formed parent holding company.

“Sabine has successfully restructured its balance sheet, addressing its leverage and liquidity needs. Throughout this process we have valued and appreciated the support and guidance of our outgoing board of directors as well as our professional advisers, said David Sambrooks, CEO.

“Above all, I am humbled by the dedication and outstanding effort of our employees, and have great optimism for the next chapter of our organization. We look forward to working under the guidance of our new, remarkably experienced board to create value for our new ownership group,” he said.