Simpson Thacher Represents J.P. Morgan in Sable Permian Resources’ Bankruptcy Filing
06.29.20
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Simpson Thacher is representing JPMorgan Chase Bank, N.A., as administrative agent, for the prepetition RBL lenders and DIP lenders in connection with Sable Permian Resources, LLC’s chapter 11 case, which commenced on June 25, 2020 before Judge Isgur in the Bankruptcy Court for the Southern District of Texas. In connection with the filing, the RBL lenders committed to provide a $150 million DIP RBL facility, consisting of a $75 million new money loan and a roll-up of $75 million existing RBL loans. The DIP RBL facility is designed to support a dual-track process consisting of either a 363 sale or a consensual plan of reorganization.
Sable Permian Resources, LLC is a private equity-backed energy company engaged in domestic oil and gas exploration and production focused on the Permian Basin.
The Simpson Thacher team includes Elisha Graff, Daniel Biller and Juan Gonzalez (Restructuring); Matthew Einbinder, Brandon Barton and Sara Daniel (Credit); Chris May, Brad Honeycutt and Zain Rifat (M&A); Nancy Mehlman and Sarah Katz (Tax); and Bill Russell (Litigation).