The recent decision in the bankruptcy case of In re Sabine Oil & Gas Corp. made headlines throughout the energy world. The U.S. Bankruptcy Court for the Southern District of New York ruled on March 8 that Sabine could reject gathering agreements with certain midstream energy companies.
Soon after, news outlets sought to draw broad conclusions about the decision’s implications for a range of energy companies. But the legal issues in Sabine defy universal generalizations. The rejection of gathering agreements will continue to require a case-by-case determination by bankruptcy courts.
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