American Energy – Permian Basin, announced today that on September 23, 2019, the Company, Sable Permian Resources, LLC (“SPR”) and certain of their affiliates entered into a commitment letter whereby SPR agreed to contribute $375 million in cash to the Company.
The $375 million cash contribution is conditioned upon the consummation of the previously announced comprehensive out-of-court restructuring plan (including the tender offers for any and all of the Company’s outstanding senior notes) or, if the out-of-court restructuring plan is not consummated, the confirmation of the previously announced prepackaged plan of reorganization under Chapter 11 of the United States Bankruptcy Code and the consummation of the transactions contemplated therein, in either case, upon the terms and subject to the conditions set forth in the previously announced restructuring support agreement with certain consenting noteholders and the Company’s offering memorandum describing the transactions.
American Energy – Permian Basin is an independent oil and natural gas company focused on the acquisition, development and production of unconventional oil and natural gas reserves in the Wolfcamp Shale play in the Southern Midland Basin within the Permian Basin of West Texas.
