{"id":6289,"date":"2015-07-17T12:15:26","date_gmt":"2015-07-17T12:15:26","guid":{"rendered":"\/?p=6289"},"modified":"2015-07-17T12:39:36","modified_gmt":"2015-07-17T12:39:36","slug":"sabine-oil-gas-corp-otcmktssogc-files-for-bankruptcy","status":"publish","type":"post","link":"\/articles\/sabine-oil-gas-corp-otcmktssogc-files-for-bankruptcy\/","title":{"rendered":"Sabine Oil & Gas Corp (OTCMKTS:SOGC) Files for Bankruptcy"},"content":{"rendered":"\n

Following a couple of months of relatively smooth sailing through calmer waters, yesterday Sabine Oil & Gas Corp (OTCMKTS:SOGC<\/a>) took a massive nose dive. The stock resumed trading with a gap down and went in free fall, to stop a whopping 65% down by the closing bell. This was all precipitated by SOGC<\/a> filing for Chapter 11 bankruptcy.<\/p>\n

SOGC<\/a> was formerly trading on the NYSE, which explains the share prices visible on a two-year chart. Previously trading as Forest Oil Corp under the FST ticker symbol, SOGC<\/a> was delisted from the exchange due to failing to maintain required closing price levels, as well as a reverse merger, which in effect helped a private entity turn publicly traded using FST as a vehicle, without following regular ‘going public’ procedure. The NYSE regulatory body considered the move a ‘backdoor listing’ and pointed it out as another reason to delist the company.<\/p>\n

The company claims to have spent multiple months trying to figure out some sort of restructuring plan that does not involve court proceedings as free-falling oil prices edged it closer to bankruptcy. Despite a number of last-ditch measures such as selling assets and cutting staff, SOGC<\/a> did not quite succeed.<\/p>\n

The signs were there for a while, even though in early May the company stated it was ready to continue “business in the normal course”. Just ten days later, SOGC<\/a> announced a forbearance agreement to its second lien term loan facility, which was followed by an immediate analyst downgrade. In mid-June the company announced its decision not to make an interest payment on one of its senior notes due in 2019.<\/p>\n

SOGC<\/a> is entering bankruptcy court today. How the market will react beyond the initial jolt remains to be seen.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following a couple of months of relatively smooth sailing through calmer waters, yesterday Sabine Oil & Gas Corp (OTCMKTS:SOGC) took a massive nose dive. The stock resumed trading with a gap down and went...<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1742],"class_list":["post-6289","post","type-post","status-publish","format-standard","hentry","category-news","tag-sogc"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/6289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/comments?post=6289"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/6289\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=6289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=6289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=6289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}