Sabine Files Bankruptcy in New York as Oil Prices Fall
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Sabine Oil & Gas Corp., the exploration and production company that merged with Forest Oil Corp. last year, filed for bankruptcy after the price of crude plunged.
The company said in a statement that it’s discussing a consensual financial restructuring plan with lenders and debtholders. Aiming for a quick exit from court, it set a Nov. 12 deadline for the proposal to be filed.