Houston, Texas-based Sable Permian Resources, an independent Permian-based oil and natural gas company, has announced that it will lay off all 180 employees, including executives, as a consequence of its billion-dollar bankruptcy filing. Layoffs will commence in early February, 2021.
“Due to their quickly declining financial liquidity positions and upcoming debt payments, the debtors (Sable and its subsidiaries) were left with no viable option other than to commence these Chapter 11 cases.
It appears that a Court-approved restructuring plan would transfer ownership of the company to its creditors in exchange for debt forgiveness and the new owners have decided they will maintain and exploit the company's assets through a new operator.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?