15 May 2020late filing notice▼ Bad
Sanchez Energy Corp notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 May 2020listing compliance notice▼ BadMajor
Sanchez Energy Corp terminated the registration of a class of securities, ending its reporting obligation for them.
6 May 2020bankruptcy or receivership▼ BadMajor
The court confirmed Sanchez's reorganisation plan on 30 April 2020, and it wiped out the shareholders completely: all 102.3 million common shares and both preferred series were cancelled for no distribution, with the reorganised company issued to creditors. The business survived under new ownership; every share bought since the $22 float in 2011 was worth nothing.
1 Apr 2020debt default or forbearance▼ BadMajor
Sanchez missed the deadline to file a reorganisation plan and its bankruptcy lenders declared a default, accelerating $150 million. Failing on the loan that exists to carry a company through bankruptcy, as oil prices collapsed in the first weeks of the pandemic, is close to the last line of defence.
3 Feb 2020debt financing▼ BadMajor
The bankruptcy financing was restructured and enlarged nearly six months into the case, with the secured noteholders still funding it. A case that was meant to be quick was not going well.
8 Nov 2019quarterly activities report▼ Bad
Sanchez Energy Corp reported quarterly revenue of $162.5 million and a net loss of $112.4 million for the period ended 2019-09-30.
26 Sept 2019material agreement● Neutral
The bankruptcy lenders extended the deadline for final court approval of their loan - the first of several extensions in a case that took nine months longer than the original timetable allowed.
22 Aug 2019debt financing● NeutralMajor
Sanchez drew the first $50 million of its bankruptcy loan, with the remaining $125 million dependent on the court's final approval.
14 Aug 2019quarterly activities report▼ Bad
Sanchez Energy Corp reported quarterly revenue of $195.1 million and a net loss of $53.0 million for the period ended 2019-06-30.
12 Aug 2019bankruptcy or receivership▼ BadMajor
Sanchez Energy and ten subsidiaries filed for Chapter 11 in Houston, with a $175 million debtor-in-possession loan from the holders of the 2018 secured notes. The company that spent $3 billion buying Eagle Ford acreage between 2013 and 2017 could no longer service what it borrowed to do it.
9 Aug 2019late filing notice▼ Bad
Sanchez Energy Corp notified the SEC that its quarterly report would be filed late.
13 June 2019listing compliance notice▼ Bad
Sanchez Energy Corp withdrew a registration statement, abandoning the offering it covered.
8 May 2019quarterly activities report▼ Bad
Sanchez Energy Corp reported quarterly revenue of $216.7 million and a net loss of $67.3 million for the period ended 2019-03-31.
8 May 2019quarterly activities report▼ Bad
Sanchez Energy Corp reported quarterly revenue of $216.7 million and a net loss of $67.3 million for the period ended 2019-03-31.
8 Mar 2019listing compliance notice● NeutralMajor
Sanchez Energy Corp's exchange filed to remove a class of its securities from listing.
7 Mar 2019substantial holder notice● Neutral
Gavilan Resources Holdings &#, Blackstone Management Associates VII L.L.C, BMA VII L.L.C, Blackstone Energy Management Associates II L.L.C, Blackstone EMA II L.L.C, Blackstone Holdings III L.P, Blackstone Holdings III GP L.P, Blackstone Holdings III GP Management L.L.C, GSO Capital Opportunities Fund III LP, GSO Capital Opportunities Associates III LLC, GSO Energy Select Opportunities Fund LP, GSO Energy Select Opportunities Associates LLC, GSO Energy Partners-A LP, GSO Energy Partners-A Associates LLC, GSO Energy Partners-B LP, GSO Energy Partners-B Associates LLC, GSO Energy Partners-C LP, GSO Energy Partners-C Associates LLC, GSO Energy Partners-C II LP, GSO Energy Partners-C Associates II LLC, GSO Energy Partners-D LP, GSO Energy Partners-D Associates LLC, GSO Credit Alpha Associates LLC, GSO Harrington Credit Alpha Associates L.L.C, GSO Capital Solutions Fund II LP, GSO Capital Solutions Associates II LP, GSO Holdings I L.L.C, Blackstone Holdings II L.P, Blackstone Holdings I/II GP Inc, The Blackstone Group L.P, Blackstone Group Management L.L.C, Stephen A. Schwarzman, Bennett J. Goodman, J. Albert Smith III reported a Sanchez Energy Corp shareholding of 3,895,000 shares (4.00% of votes) in a periodic institutional filing.
20 Feb 2019listing compliance notice▼ BadMajor
The NYSE began delisting proceedings and suspended trading immediately; Sanchez chose not to appeal. The shares moved to the over-the-counter market, ending the listing that began at $22 in December 2011.
11 Feb 2019substantial holder notice● Neutral
The Vanguard Group reported a Sanchez Energy Corp shareholding of 2,033,925 shares (2.32% of votes) in a periodic institutional filing.
8 Jan 2019listing compliance notice▼ BadMajor
A second NYSE breach two weeks after the first: Sanchez's entire market value had fallen below $50 million - against roughly $2 billion of debt.
21 Dec 2018listing compliance notice▼ BadMajor
The NYSE warned Sanchez that its shares had averaged under $1 for thirty trading days. Seven years after listing at $22, the stock was worth less than a dollar.
1 Nov 2018director officer appointment▼ BadMajor
Eugene Davis - a professional restructuring director who sits on boards of companies heading into bankruptcy - joined the board with Adam Zylman, and Cameron George took over as interim finance chief. Nine months before the Chapter 11 filing, this appointment is the clearest single signal in the whole record of where Sanchez was going.
1 Nov 2018quarterly activities report● Neutral
Sanchez Energy Corp reported quarterly revenue of $277.7 million and net income of $5.6 million for the period ended 2018-09-30.
1 Nov 2018quarterly activities report● Neutral
Sanchez Energy Corp reported quarterly revenue of $277.7 million and net income of $5.6 million for the period ended 2018-09-30.
31 Aug 2018securities registration● Neutral
Sanchez Energy Corp registered a securities offering with the SEC using its shelf eligibility.
7 Aug 2018quarterly activities report▼ Bad
Sanchez Energy Corp reported quarterly revenue of $259.3 million and a net loss of $35.0 million for the period ended 2018-06-30.
7 Aug 2018quarterly activities report▼ Bad
Sanchez Energy Corp reported quarterly revenue of $259.3 million and a net loss of $35.0 million for the period ended 2018-06-30.
1 Aug 2018material agreement▼ Bad
The 2015 rights plan protecting Sanchez's tax losses was extended three more years to 2021, confirming the losses were still large and unused.
15 May 2018material agreement● Neutral
The borrowing base of the unrestricted Comanche subsidiary was raised from $330 million to $380 million - credit was still available at the ring-fenced entity even as the parent tightened, a distinction that mattered enormously when the group failed.
8 May 2018quarterly activities report▼ Bad
Sanchez Energy Corp reported quarterly revenue of $251.2 million and a net loss of $4.8 million for the period ended 2018-03-31.
8 May 2018quarterly activities report▼ Bad
Sanchez Energy Corp reported quarterly revenue of $251.2 million and a net loss of $4.8 million for the period ended 2018-03-31.