Per our previous post on the complex status of the Santa Ynez Unit, Lars Herbst has brought this informative article to our attention. Here is the bottom line:
With this deal, Exxon is essentially lending Flame, Sable’s management team and PIPE investors the money to buy the facilities from itself. If they are able to get them back online, great, Exxon gets its $623 million loan paid back with 10% interest. If not, it presumably repossesses the facilities and their associated headaches.
This is what has been produced and what remains:
Bud's Offshore Energy (BOE) 
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