Sabine Oil & Gas Corp., the Houston-based exploration and production company that merged with Forest Oil Corp. last year, filed for bankruptcy amid falling oil prices. Sabine had about $2.5 billion in assets and about $2.9 billion in liabilities as of May 31, according to Chapter 11 filings in bankruptcy court in New York. The company continues to discuss a consensual financial restructuring plan with lenders and debt holders, it said in a statement. Sabine has sold assets, cut expenses for drilling and new wells and froze wages to cope with a sharp decline in energy prices, according to court filings. “Given the severity of the current market conditions and their impact on the company’s cash flow situation, the company has been unable to right-size its balance sheet through cost-cutting and self-help measures alone,” Chief Financial Officer Michael Magilton said. The case is in re Sabine Oil & Gas […]