As global gasoline prices decline, many oil companies are finding it difficult to make ends meet. On July 15, 2015 Sabine Oil & Gas Corp. filed for Chapter 11 bankruptcy.
The company has been struggling to make interest payments on its existing debt.
According to Bankruptcy & Debt Dow Jones, the company has had discussions with its lenders and debt holders in order to organize a restructuring plan. The company is expected to support itself with current cash supply as well as funds from ongoing operation, as Sabine is expecting to keep doors open throughout its bankruptcy.
The company has claimed assets totaling $2.5 billion and total liabilities of $2.9 billion, including $1.15 billion in unsecured debt.