Debt | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit
SandRidge to Emerge from Bankruptcy
The bankruptcy court system has accepted SandRidge Energy's bankruptcy plan. The company is targeting emergence from Chapter 11 within the next 30 days, eliminating $3.7 billion in debt.
Currently, despite its bankruptcy filing, SandRidge is still operating one rig in the Anadarko Basin.
New SandRidge Capital Structure
The Company's 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. Finally, SandRidge 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.
Projected Liquidity at Emergence
The Company anticipates that it will emerge and the Plan will become effective within 30 days, at which time the Company estimates to have over $400 million of liquidity including cash on hand and funds available under its first lien credit facility.
Houlihan Lokey, Inc. is serving as financial advisor to SandRidge and Kirkland & Ellis LLP is serving as legal counsel.
Related Categories :
Bankruptcy Exit
More Bankruptcy Exit News
-
Vista Proppants Emerges from Bankruptcy; Rebrands as V SandCo LLC
-
Gulfport Energy Emerges from Bankruptcy
-
Report: Chesapeake Poised to Emerge from Bankruptcy
-
Lonestar Resources Emerges from Bankruptcy
-
FTS International Exits Bankruptcy
Mid-Continent News >>>
-
Large E&P Chops Permian/Anadarko Basin Frac Activity by 30% In 2024
-
Contrary to The Noise, U.S. Oil Production will Likely Growth 4-5% In 2024; A look Inside -
-
Devon Said To be In Talks to Acquire Enerplus
-
Chevron To Cut D&C Activity in U.S. Shale In 2024; Here is Where. -
-
An Early Look at Company 2024 Capital & Development Plans