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ARTICLE · 02 AUGUST 2016

美国石油及汽油产业更新(英文版)

Jones Day
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Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York permitted Sabine Oil & Gas Corporation to reject three gas gathering and handling agreements.

United StatesInsolvency/Bankruptcy/Re-Structuring

In In re Sabine Oil & Gas Corp., 2016 BL 70494 (Bankr. S.D.N.Y. Mar. 8, 2016), Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York permitted Sabine Oil & Gas Corporation ("Sabine") to reject three gas gathering and handling agreements with Nordheim Eagle Ford Gathering, LLC ("Nordheim") and HPIP Gonzales Holdings, LLC ("HPIP"). All of the agreements are governed by Texas law.

In connection with its efforts to restructure, Sabine filed a motion to reject the gathering agreements with Nordheim and HPIP. Sabine argued that it could not deliver the required minimum amounts of gas and condensate and that rejection would save it as much as $115 million. Nordheim opposed the motion to reject, arguing that rejection was not a proper exercise of Sabine's business judgment because the agreements included dedications that were stated to be covenants running with the land, which would continue to burden the debtor's interests following

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