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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