Sabine Ruling: What Pipeline Companies Can Do To Protect Their Contracts

November 2016, Vol. 243, No. 11

Houston-based Sabine Oil & Gas Corp. recently announced confirmation of the oil and gas exploration and production company’s plan of reorganization, allowing it to emerge from its Chapter 11 bankruptcy proceeding with just $350 million of its original $2.8 billion in debt. Facilitating that outcome, to a significant degree, was a May decision by New York Bankruptcy Judge Shelley Chapman that allowed Sabine to reject approximately $100 million in contractual obligations owed to two pipeline companies premised upon her interpretation of contract language creating a “covenant running with the land.. That language is included in…

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