Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement.

As previously disclosed, on January 28, 2020, Sanchez Energy Corporation (the "Company"), the financial institutions or other entities from time to time parties thereto as lenders (the "DIP Lenders"), and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the "Agent"), entered into an Amended and Restated Senior Secured Debtor-in-Possession Term Loan Credit Agreement (the "Loan Agreement"), which, among other things, provided for certain milestone dates, including a deadline for filing by the Company of a plan of reorganization meeting the requirements of the Loan Agreement (the "Plan"), which deadline was previously extended to March 26, 2020 in accordance with the Loan Agreement. The Company did not file the Plan by the extended deadline and, as a result, an "Event of Default" under, and as defined in, the Loan Agreement occurred. Under the Loan Agreement, on March 27, 2020, the Agent provided five business days' notice (the "Enforcement and Default Notice") of the acceleration of all outstanding obligations under the Loan Agreement; as a result, the $150 million in borrowings under the Loan Agreement and accrued and unpaid interest and fees thereon would become immediately due and payable on April 3, 2020 (the "Remedies Notice Period").

During the Remedies Notice Period, the Company, the Agent and the lenders have consented to a hearing on an expedited basis for the sole purpose of (x) contesting whether a termination event has occurred and is continuing and (y) arguing for continued imposition of the automatic stay. However, if a hearing to consider the foregoing is requested to be heard before the end of the Remedies Notice Period but is scheduled for a later date by the bankruptcy court, the Remedies Notice Period will be automatically extended to the date of the conclusion of such hearing. During the Remedies Notice Period, the lenders have no obligation to provide and the Company has no right to request any additional borrowings under the Loan Agreement.

On March 30, 2020, based upon an agreement in principle between the DIP Lenders and the Company and its subsidiary debtors regarding the terms of a plan of reorganization, the DIP Lenders agreed, and instructed the Agent, to abate the Enforcement and Default Notice.

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