[ad_1]

Closing a chapter emblematic of the turmoil in the industry, bankrupt shale fracker Sable Permian Resources LLC has agreed to sell itself to a group of lenders, led by agent JPMorgan, for the value of its outstanding debt, $650M in bankruptcy loans, reserve-based loans they had extended and their share of a $315M exit loan aimed at helping the company emerge from Chapter 11.

Investors have lost billions in the sector due the soft demand from the pandemic and a supply glut that have pressured prices.

Apollo Capital Management LP and Avenue Capital Group owned more that half of Sable’s $708M in outstanding senior bonds and will recoup only pennies on the dollar.



[ad_2]

Source link