Sanchez Energy Expects to Issue Going Concern Warning: Filing

Co. anticipates that financial statements for year ended Dec. 31, 2019, will contain disclosures regarding substantial doubt about ability to continue as a going concern, according to SEC filing.

• Co. plans to delay filing 10-K for 2019
  • “COVID-19 and related federal, state and local restrictions have caused the closure of the Company’s principal offices and limited access to the Company’s facilities and books and records”
• Co. has been in discussions with bondholders and other stakeholders regarding a potential restructuring transaction
  • Estimates “material net loss” for 2019, mostly due to proved property impairments
  • Sanchez “faces uncertainty regarding the adequacy of ...