Sabine Bankruptcy Plan Creates Beaucoup Unhappy Campers-Trial Getting Underway!

  • Bankrupt Sabine Oil and Gas (OTCPK:SOGCQ) begins a week-long trial on a $3B restructuring plan that has caused stiff resistance from its creditors and eluded compromise for nearly a year.
  • Sabine's restructuring plan calls for top-ranking lenders to walk away with ~93% of the reorganized business; if approved, the restructuring proposal would wipe out more than $2.5B in debt.
  • Unsecured creditors, who say they are owed as much as $1.4B and have pushed for a sale of the company, are scheduled to recover less than $0.02 on the dollar, sparking numerous objections and appeals.

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Which is why you don't want to be an unsecured creditor lol, that's the risk, a 0% return.

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GoHaynesvilleShale.com (GHS) was launched in 2008 during a pivotal moment in the energy industry, when the Haynesville Shale formation—a massive natural gas reserve lying beneath parts of northwest Louisiana, east Texas, and southwest Arkansas—was beginning to attract national attention. The website was the brainchild of Keith Mauck, a landowner and entrepreneur who recognized a pressing need: landowners in the region had little access to…

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