September 13, 2019 / 10:48 PM / 3 days ago

Sanchez Energy noteholders battle over bankruptcy loan

A group of unsecured noteholders of Sanchez Energy Corp has challenged the energy producer’s bid for an order approving a $350 million bankruptcy loan package from secured noteholders, saying they can offer a $175 million loan leaving the company in stronger financial shape to emerge from Chapter 11.

The unsecured noteholders in a filing on Thursday in U.S. Bankruptcy Court in Houston said their loan does not include the pledging of unsecured assets as collateral to “roll up” debt, like the loan package offered by Sanchez’s secured noteholders.

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