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SandRidge Energy Inc. Files Chapter 11 Bankruptcy
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SandRidge Energy, Inc. announced that it has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.
The Restructuring Support Agreement contemplates an RBL facility and the equitization of approximately $3.7 billion of other funded indebtedness.
The Company projects having ample liquidity to fund its ongoing operations and its capital programs throughout the Chapter 11 and upon emergence thereafter, without the need for debtor-in-possession financing or other additional capital.
James Bennett, SandRidge President and CEO, said: "We are pleased that our creditors recognize the long-term value SandRidge and its employees can create with an improved balance sheet. The new capital structure will allow…
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