Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

SandRidge Energy Plan Confirmed

The U.S. Bankruptcy Court confirmed SandRidge Energy's Amended Joint Chapter 11 Plan of Reorganization. According to corporate release, the Company intends to emerge from Chapter 11 protection within the next 30 days, eliminating $3.7 billion in pre-petition funded indebtedness. The Company's post-bankruptcy pro forma capital structure will consist of an undrawn $425 million first lien credit facility (maturing in 2020) and $300 million in mandatorily convertible zero coupon debt that will convert into equity. SandRidge Energy will issue new common stock to its pre-petition second lien and general unsecured creditors representing 100% of the pro forma equity interest in the reorganized company. James Bennett, president and C.E.O. states, "The confirmation of our plan is a milestone event toward the restructuring of our business, attributable to the tireless work of many individuals. I would like to acknowledge and thank our dedicated employees for their unwavering focus and high-level performance throughout the reorganization process. It's also important to express my appreciation to our vendors and other stakeholders for their cooperation and support. We look forward to continuing these relationships as we work together to grow our business." This crude oil and natural gas developer and producer filed for Chapter 11 protection on May 16, 2016, listing $3 billion in pre-petition assets.

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