Sanchez Energy Corp. on June 30 said it completed its financial restructuring and emerged from Chapter 11 as the privately held company Mesquite Energy Inc.
Houston-based Sanchez Energy filed for bankruptcy reorganization in August 2019, following a review of strategic alternatives to align its capital structure with the continued low commodity price environment. The oil and gas driller and its subsidiaries submitted voluntary petitions for reorganization under Chapter 11 of the bankruptcy code in the U.S. Bankruptcy Court for the Southern District of Texas.
Through its restructuring process, Mesquite eliminated all of the debt from its balance sheet, which totaled roughly $2.3 billion, according to a news release.
Cameron George will serve as Mesquite's interim CEO, executive vice president and CFO. Before the company's emergence, George served as the executive vice president and CFO of Sanchez Energy. Additionally, Gregory Kopel will assume the role of the executive vice president, general counsel and corporate secretary of Mesquite.
Mesquite's board will include Nathan Van Duzer, who is serving as a managing director for special situations at Fidelity Investments; Wilson Handler, who is a partner in the natural resources group Apollo Global Management Inc.; and Harry Quarls, who is currently serving as a director for Rosehill Resources Inc.